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Unformatted text preview: Property Outline Professor Schweitzer Spring 2003 Property- the exclusive right someone has to possess, use, enjoy, and dispose of anything he owns. Two types of property: ● Real Property- land and realty ● Personal Property- Chattel (readily moveable objects) Possession- involves an assertion of a right to exercise dominion and control Two kinds of Possession: ● Actual Possession- direct and physical control over something ● Constructive Possession- exercising control over something while it is not in his actual possession (a legal fiction) ● Example: tenant has actual possession and owner is in constructive possession ● Ratione soli- an owner of land has possession (constructive possession) Alienate- to transfer or convey title to property Inalienable- not capable of being transferred or taken away 3 Goals of Property Law: 1. Efficiency- how you increase societies wealth. How do you make the pie bigger 2. Fairness (equity)- what set of rules will fairly distribute wealth. How do we slice the pie among members of society? 3. Administerbility- how do we right rules that are easy to apply. 4 Complicated factors of property law: 1. Time- amount of time in possession of the property 2. Multiple Ownership- a number of people owning the same thing at the same time. (joint occupancy) 3. Conditional rights- property rights with strings attached to them 4. Fractured Interests- you fracture your interests into a variety of other interests. I. First Possessor of Property ● 3 ways ownership comes into being: Discovery, Capture, and Creation. All 3 operate on the principle of first in time. Whoever gets their first has the property. A. Acquisition by Discovery ● Asserting ownership over something that nobody owns. 1 Johnson v. Macintosh- 2 people think they own the land. One buys the land from the Indians and the other buys it from the U.S. Government. ● Holding- Conquest gives title to the conqueror. The discovery of the occupied Indian lands of this nation vested absolute title in the discoverers, and the Indians were incapable of transferring absolute title to others. Courts objective of applying the concept of possession was to vindicate the interests of the United States. ● Rationale for giving property rights to the first occupier:-Easier to assume that if you currently occupy that property, you own that property. Labor Theory- created by John Locke. The act of applying one’s labor to the creation of a thing established a moral entitlement to that thing. B. Acquisition by Capture ● you don’t own the animal until you catch it. If captured, the wild animal belongs to the captor however, the wild animal does not become possession of control until it is: mortally wounded, killed, or captured so that escape is impossible Pierson v. Post- a dispute over who kills the fox. Pierson knew that Post was in “hot pursuit”....
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- Fall '08
- Possession, Future interest