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Property, Diezenkowski, Fall 2006

Property, Diezenkowski, Fall 2006 - Property Outline...

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Property Outline Theories Behind Property Rights: - Law and Economics: o Property system allows gov. to operate efficiently Minimize gov. interference and promote law and order o Items, land, intellectual property: Capable of being owned Transferable Exclusivity: ability to protect your property o Property rights maximize efficiency and best use of resources o Clear property rights reduce transaction costs o Coase Theorem: ? - Individual rights: o Ability to exclude others ability to interfere w/ your enjoyment of you property - Systemic: o Property Rights determine how a country functions o Broad policy issues - Possession: o 9/10’s of the law o Law sides w/ individual who possesses item - Use: o Use it or lose it If property not used by owner, it passes to those who use or develop it o Incentivize action over inaction Ownership v. Bundles of Rights: - Sticks of rights: o Land, air, sub-surface, easements (sell ability for others to use the property), LL/T (long term owner v. short term owner) - Each stick is limited in different ways: o K, law Finder’s Law: look at strengths/weaknesses of each side, goals of property: paragraph of black letter, give the policies, then tell what to do w/ 3+ people: organization is important Rules of Finder’s Law: - True owner has the highest rights o Though cut off at some point by statutes - 1 st Finder has property rights against all but the true owner: Armory : boy finds jewel, jeweler steals it o Why?: listed in order they are put forth Labor:
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Reward finders: reward the labor of the finder Finder’s keepers: jives w/ our sense of this axiom People won’t act on found items if they possess no ownership rights o Don’t want to Incentivize people to pocket the item Encourage labor: incentive in future to pick-up lost items W/ modern minimum wage employee: no incentive to check aisles after work, so more labor is needed to find it and thus labor becomes more important Law and Order: Society interest in discouraging theft o If finder had no property rights, found property would be subject to theft o Don’t want to Incentivize theft and lesson ability of true owner to recover property Non-possessed property causes problems Against Finder: don’t want to incentivize people to dig through other’s land True owner recovery: 1 st finder is closer to true owner o Knows where, when item was lost o If 1 st finder retain possession, more likely true owner will recover item Exceptions: shop owner’s get property rights b/c they are closer to true owner than 1 st finder: people remember losing items in a place and have a better chance of recovering if the shop owner keeps the item Clear Rights: Vesting clear rights in finder allows them to bring the item to commerce o Disincentive to hide and never sell item Economic interest: law and economics: title in finder means they can improve and resell item SOL cut off true owner’s rights: convert finders’ rights to true owners’ rights
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