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Property refers to the rights that the owner of the object has in relation to others who are not owners of the object. Property rights are backed by the state and enforced through its legal institutions.
According to Morris Ginsberg property may be described as the set of rights and obligations which define the relations between individuals or groups in respect of their control over material things or persons treated as things.Kingsley Davis defines property as consisting of rights and duties of one person or group as against all other persons and groups with respect to some scarce good. It is thus exclusive for it sets off what is mine from what is thine but it is also social being rooted in custom and protected by law.