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Unformatted text preview: INTRO & THEORIES OF PROPERTY 1) Intro to Property Law a) Property is explained only by History b) Different kinds of topics covered by property: i) Real Property: (1) Real Estate (2) Real Estate Finance (3) Land Use (Residential and Commercial) (a) Landlord/Tenant (4) Oil and Gas (Domestic and International) (5) Other resources: (a) Water Law (b) Carbon Sequestration (c) Wind Power ii) Wills and Estates – how ppl pass on their property (1) Future Interests iii) Intellectual Property Law (1) Patents (2) Copyrights (3) Trademarks iv) Family Law (1) Co-tenancy (a) Family trusts (b) Partnerships (2) Marital Rights v) Takings and Zoning (1) Eminent Domain Issues c) What is property? i) Property concerns legal relations among people regarding control and disposition of valued resources. ii) Society defines ownership (1) If use of our property affects others, our legal rights may be limited to protect the legitimate property and personal interests of others, as well as those of the community. (2) What norms does society impose on property law? (a) Systemic norms—developed for fairness and efficiency (b) Community norms—zoning, environmental laws protect the community (c) Efficiency—market created for housing, and processes to make the system work iii) Sometimes called: “Bundle of Rights/Sticks" which usually defines: (1) rights of owner (a) We can unbundle our property rights of ownership and give, lend or lease them to others. (i) When this happens, you are not the owner of the property, but the owner of a different set of rights--reversion rights, which guarantee the property will return to you when the lease is up. (2) rights of neighbors (3) rights of government (a) The institution of a property system entails difficult judgments about the definition, allocation, and enforcement of legal rights, including both property rights and personal rights. (b) State chooses to regulate to protect security and property rights (c) Having a property system necessitates that you will have to make decisions between competing claims between different property rights. (d) Government entities that regulate property (i) Local (ii) City (iii)State (iv) Federal – TAX 2) Theories of Property a) Legal Theory: what law says it is 1 i) Four basic types of legal right (rights, privileges, powers and immunities). (1) Rights--claims, enforceable by state power, that others act in a certain manner in relation to the right holder. The correlative of a right is a duty. (2) Privileges or liberties--permissions to act in a certain manner without being liable for damages to others and without others being able to summon state power to prevent those acts. The correlative of a privilege is a "no-right," the lack of ability to stop something that may not be the best thing for you....
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- Spring '08
- Law, Adverse possession