Property Flashcards
5 Theories of Property Rights
- First Possession
- Encourage Labor
- Utilitarian Theory
- Ensure Democracy
- Personhood Theory
First Possession
“first come, first serve”; “first in time, first in right”
Lockean Labor Theory
ownership arises with the mixing of one’s labor with natural resources
Utilitarian Theory
recognizes property rights in objects when it will promote the welfare of all members of society
Civic Republican Theory
ensure democracy, economic security through private property ownership, political independence through private property ownership
Personhood Theory
facilitate personal development; property is necessary for an individual’s personal development; property is an extension of ourselves
Framing Standards for Possession
- Control
- Relativity of title
- Constructive ownership
- Custom
Rule of Capture
property in animals ferae naturae is acquired by occupancy only
Occupancy
kill, capture, or mortally wound without abandoning pursuit; mere pursuit does NOT constitute occupancy; efficiency rule
Efficiency Rule
everyone is better off, efficient allocation of resources
Coase Theorem
If property rights are well defined and tradeable, and transaction costs are low, then
efficiency will obtain through voluntary trade, regardless of initial allocation.
Invisible Hand Theory
competitive market will lead to the efficient allocation of resources regardless of
the initial distribution of wealth
Central Myth of American Property Law
“In the beginning, all the world was America…” (Locke), big wasteland, void, humans impose labor on land to make it theirs, start in world which no one has rights to anything
What is Property?
Rights among people concerning things; property as a bundle of rights
4 Key Implications of Property Rights
- legal positivism
- rights are relative
- rights are divisible
- rights evolve over time
Legal Positivism
property rights are defined by the government
Relativity of Property Rights
property rights are not absolute
Divisibility of Property Rights
property rights are divisible and may be split among multiple holders
Evolution of Property Rights
property rights evolve as law changes; property law is a dynamic process
Stability of Title
property rights should be certain and predictable
Bundle of Rights
- Right to Transfer
- Right to Use
- Right to Exclude
- Right to Destroy
Right to Transfer
owner may freely alienate any of her property to anyone; scope sometimes limited for public policy reasons; vital to market economy b/c property is devoted to its most valuable resource
Doctrine of Discovery
Europeans can discover land that is occupied only by Indians or non-Christians, not “civilized” people; acquire right via conquest; Johnson v. M’Intosh
Status Property/Whiteness as Property
Property is linked to identity, evolutionary trajectory of whiteness as property; identity–>status–>property; Sally’s Guardian v. Beaty
Critical Characteristics of Status Property
- Whiteness as a traditional form of property
- Modern views of property as defining social relations
- Property and expectations
- The property functions of whiteness
Property Functions of Whiteness
- Rights of disposition
- Right to use and enjoy
- Reputation and status property
- The absolute right to exclude
Right to Exclude
The law protects an owner’s right to exclude subject to privileges such as consent and necessity
Right to Use
owner is entitled to use her property as she wishes, as long as she does not injure the rights of others
Nuisance
non-trespassory invasion of another’s interest in the private use and enjoyment of the land