Terms of service

This is not strictly speaking an IP question but I was wondering if anyone here could tell me what the following language, which you often find in terms of service for website chat groups or websites that require you to have an account, means--the clause usually reads "X [name of group] owns all personal information provided to it by individuals" or "All account and registration information on X's website belongs to X and not the individual users." I am assuming the claim that the website owns your personal information is required so that the website can give you the account? Or is that wrong? And if that's wrong, what does it mean?

Thanks,
MJ Devaney
Freelance editor
Montrose, NY

• MJ Devaney
• nycmjd[_at_]earthlink.net
• EarthLink: The #1 provider of the Real Internet.