I. FIRST IN TIME: ACQUISITION OF PROPERTY BY DISCOVERY, CAPTURE, & CREATION (1-56, 91-124) Flashcards
replevin
a lawsuit that enables a person to get back personal property taken wrongfully or unlawfully and get compensation for resulting losses
First-in-Time Rule
first person to take possession of a thing owns it
Johnson (π) v. M’Intosh (∆)
ct held the M’Intosh grant was valid bc Indians are only occupants who can’t transfer absolute title to others (can only transfer their occupation rights)
Rule of Capture
be the 1st to reduce it to clear and unambiguous possession (if you kill it, it’s yours)
Pierson v. Post
individuals do not have property in wild animals until they bring the animal within their UNEQUIVOCAL CONTROL and deprive them of their natural liberty (through killing or capturing)
couria
Currency → couria → to run
Ghen v. Rich
Court says Custom should apply, but the application must be extremely limited and not place high costs on 3rd parties. Also should appeal to common sense, cannot be something crazy. Differences in capturing whale and capturing fox; law must take these into account (bomb-lance is the best way to “capture” the whale.)
Constructive possession
deem as possession even though you really don’t possess
Keeble v. Hickeringil
Duck case. One cannot interfere with another’s attempts to trap or capture an animal in order to frustrate his efforts if you are not attempting to capture the animal. Malicious interference with trade is actionable because it benefits no one – society loses value of birds coming to market (Hickeringill’s actions are wasteful).
Ratione soli
“According to the soil”; justification for assigning property rights to landowners over resources found on their land, owner of land has constructive possession (landowners regarded as prior possessors of any animal farae naturae until the animals take off)
Ferae naturae
“Nature/wild animals”; Property that is unowned and must be captured (like the fox).
πHammonds v. ∆Central Kentucky Natural Gas Co.
Old lady Hammonds the operator
∆ not liable bc once oil was returned to its “natural wild and free state” they are to be treated like wild animals (leg later remedied the judgment after Hammonds by saying that once Gas Co. captures, reinjection acts like a “cage” for the fox; thus Hammonds cannot freeload)
Communal property
Each member has equal and undivided interest in all community property; every one has a right to use, and no member can exclude another member.
Problem with communal property according to Demsetz
externalities
Coase Theorem
In a world of zero transaction costs the person (between A and B) who values the right more will have it – maximum efficiency