If you've taken a photograph, technically you're the copyright holder, but you can't use / sell an image you've taken most of the time without a 'model release' signed by the person whose photograph has been taken, unless it's 'in the public interest/newsworthy' - ie, photographs illustrating news stories in newspapers, magazines, etc. This can get complicated. If you get your photograph taken by a pro photog in a studio, technically you can't make extra copies and pass them around, use them on a web site, etc. as the photog has the copyright to that photo, even though the photo is of you and you paid the photog to take it. You have to pay extra to get the copyright to that photo. However, the photog in question can't use that photo of you in any of his/her advertising unless you've signed a release that allows him/her to use it in advertising.
It can get very complicated, which is why if you're going to try to sell your photos to advertisers, card companies, etc. almost all publishers who are looking for photos will want you to include a model release with any photos of people in which either the people are recognizable, or it isn't obviously in a very public venue with lots of other people around. In other words, a photo of someone in a park with lots of other people around, so long as no one is really obviously the center of attention, wouldn't need a model release; but a photo of someone sleeping on a park bench might well need such a release. At least as the laws stand at the moment, as far as I understand them; this area of copyright law and privacy law is very much in flux and is changing.
What it comes down to is that, as I understand it, even if someone else held the copyright to that photo of Jamerson, in order for it to be used in any for profit capacity LEGALLY, he or his estate would have had to sign a model release of some sort.