In the United States, whoever filed the copyright first owns it. If you write a song but don’t file the copyright and then someone else files it, you can take them to court and get the copyright that way, but that’s usually expensive and risky.
Also, I believe, but am not certain that if you file a copyright for a song, but do not record it that no one else may release a version of your song without permission until you actually release your version.
Again, I am speaking only about U.S. laws. Different countries have very different laws about this.
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