Ownership rights

ECOVIS Miškinis, Kvainauskas ir partneriai advokatų kontora

(continued from last issue)

The right of ownership may be transferred to another person, but only by the owner of an object or by a person given such powers by the owner. The new owner acquires such rights and obligations regarding the transferred property, as had the former owner of the property, if the laws and the contract do not stipulate otherwise. The acquirer of the property acquires the ownership right to the property as of the moment these are transferred to him, provided the laws or the contract does not stipulate otherwise.

The right of ownership to an immovable object by contract is acquired as of the moment established by law. The contract may stipulate that the ownership right shall pass to the acquirer only after the latter shall have carried out a condition established in the contract. Ownership rights to a future object, with the exception of an object subject to registration, may be transferred by contract in advance. The transfer of an object gives the acquirer the opportunity to use the object transferred according to its purpose, with due regard to the condition of the object and to its legal status. The transfer is the passing into ownership of an object to the acquirer, as well as the passing over of an object, given without the duty to deliver to the destination, to a transport company for delivery to the acquirer and delivery by post to the acquirer, if the laws and the contract do not provide for differently.

Transfer of a bill of lading or another document testifying to the disposal thereof equals the transfer of the property.