TEC didn’t have ownership of parish property. Which is why they passed (if it was passed; there are reasonable points made on each side) the Dennis Canon (Title1.7.4) to TEC’s Canons, back in 1979, to make a prima facie case that the property in Episcopal parishes was held in trust for the "national " Church, contrary to the history up to that point. An entity that, as gurney has pointed out, was mostly a legal fiction until the past 35 years or so, the Episcopal Church being organized at the diocesan level, historically. The TEC (meaning, currently, the gracious Catherine) began a conscious effort to restructure the polity to one in which a hierarchy is over-laid on the dioceses which is higher than the dioceses acting in voluntary union. This at the time reaction to a number of litiurgical and theological points were causing a number of parishes and individuals to take their leave.
The Dennis Canon stated that property held by parishes was to be considered held in trust for the national Church. But that’s not how a legal trust is established. It can only be done by the entity “owning” the property, usually identifiable as the enity that could sell it. And usually, that entity could be a diocesan Ordinary, or, more usually, an entity established in the name of the parish vestry. Which is not the same as representatives to General Synod.
Legal struggles on the subject are convoluted and I am not competent to comment, though I know sites that are. One thing to be noted is that, whatever the fate of other cases, in South Carolina the Supreme Court rightly (in a very convoluted case) ruled the Dennis Canon as of no effect or legal status whatsoever in that state.
Another thing to watch, as the PB moves to becoming the Primate of the TEC, is proposed changes to Title IV. More power to the central office, at the expense of the diocese. The original polity, like the original theology, is changing.
GKC