sole and unconditional ownership

Ownership of such dominion that no one else has any interest in the property as an owner and the quality of the estate is not limited or effected by any condition. The ownership of an estate or property without outstanding interest or condition attached which would cause the loss of the property, if it should occur, to fall upon another person. 29A Am J Rev ed Ins § 791. The clause in an insurance policy requiring sole and unconditional ownership has to do, not with questions of title to be precisely determined, but with beneficial and practical ownership. Libby Lumber Co. v Pacific States Fire Ins. Co. 79 Mont 166, 255 P 340, 60 ALR 1. An insurance policy's condition as to "sole and unconditional ownership" refers to the real owner and is not broken by the mere fact that the record title is, for purposes of convenience, in another for a time. American Indem. Co. v Southern Missionary College, 195 Tenn 513, 260 SW2d 269, 39 ALR2d 714. As the expression is used in fire insurance policies requiring the insured to be the sole and unconditional owner of the insured property, a purchaser in possession under a contract whereby the former owner agrees to sell and the buyer absolutely binds himself to purchase and to pay an agreed price for the property, is almost universally held to be the unconditional owner, because the loss from an injury to or destruction of the property falls upon him. Phenix Insurance Co. v Kerr (CA8 Neb) 129 F 723. See sole ownership; unconditional ownership.