Originally Posted by Dr. HFH

Not necessarily. Although I haven't looked at the agreement, it could well be that what you're actually purchasing is a license (permission) to use the miles within the rules of the program. That's a common way to get around actual ownership. You also see it often with parking spaces at a condo building. You don't own the actual land that parking space 37 is on, you own an exclusive license to use the parking space numbered 37. Interestingly, in that type of arrangement, the condo management/association can renumber and thus relocate the spaces. You still then have a license to use the space numbered 37, even if it has been moved.