What is known as ownership held entirely by one person or corporation?

Ownership that is held entirely by one person or corporation is referred to as ownership "In Severalty." This term is used to describe a form of property ownership where a single individual or entity possesses full rights and control over the property, without any shared interest from others. This type of ownership simplifies decision-making regarding the property since the owner can act independently, without the need to consult or obtain consent from co-owners.

In contrast, joint tenancy and tenancy in common involve multiple parties holding interests in the same property, which can complicate management and decision-making processes. Joint tenancy includes rights of survivorship, where the interest passes automatically to the surviving owner(s) upon the death of one tenant. Tenancy in common allows for ownership shares that can be unequal and do not include survivorship rights. Custodianship refers to the holding of property by one person for the benefit of another, not a standard form of ownership.

In summary, ownership in severalty is characterized by complete and singular control over a property, distinguishing it clearly from forms of joint or shared ownership.