In general, it is the right to own something, wholly or partially. More specifically, it is the rights that a person (legal owner) enjoys in relation to a property/ asset/ business, by virtue of holding the legal title (legal interest resulting from legal ownership). Legal interest is usually contrasted with beneficial interest, that is, the rights that a person (beneficiary) enjoys in relation to a property/ asset/ business, held in trust for that person. The beneficial owner is the person entitled to receive the benefits of a property (beneficial ownership). However, the legal owner and the beneficial owner may be the same person, though in practice they may not.
Separation of legal ownership and beneficial ownership (by declaration of trust) may take place when two parties agree to manage property through a trust. In which case, the legal owner (who holds the title) would hold the property on trust for the benefit of a beneficial owner.
Compare: legal interest (banking).
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