I.What is Property?Five Theories of PropertyProtect First Possession – “first come, first serve,” theory.o1st in line concept – Applied readily in early US where resources were plentiful and not many people – no so much today.Encourage Labor - Locke theory. Each person was entitled to the property produced through his own labor.oLabor (which is owned) x Natural Resources (unowned) = Property rights in mixture.Maximize Societal Happiness- Jeremy Bentham theory (utilitarianism)– We distribute and define property rights in a manner that best promotes the welfare of all citizens – using it as a means to an end.oSocietal happiness measured in dollars.oLaw & Economic Approach – Property exists to ensure that owners use resources in an efficient manner – that is, in a manner which maximizes economic value defined as a person’s willingness to pay. Three Basic FeaturesUniversality – all valuable, scarce resources must be owned by someone.Exclusivity –excluding others from the use and enjoyment of the property. This way they cannot take your harvest, and you have incentive to improve/use property for a gain.Transferability Ensure Democracy – Owning property creates the economic security necessary to make political decisions that serve the common good. oCannot corrupt many land owners as you can the few.oA state where private property doesn’t exist, the people depend on the government = government controlFacilitate Personal Development – Georg Hegel theory – People have a close emotional connection to certain tangible things – photos, letters, homes, property – which merit special attention. Stability of Title – the concept that property rights should be certain and predictable (i.e. invention of airplane ended the traditional notion that landowner held title to all airspace above)Legal Positivism – property exists only to the extent recognized by the government. Property rights – are relative, not absolute. A person cannot just do anything with their property.Possession – denoted by exercise of acts of dominion.II.Possession - Acquisition by Capture First Possession – “First come, first serve.”Fugitive Resources– Wild animals, oil, and water.Constructive Possession – is the legal fiction that grants an actor ownership of a real property or personal property, when in fact they do not have actual possession. A party with constructive possession is generally in same standing as party with actual possession. Doctrine of Wild Capture – Capture, not mere pursuit, establishes property rights in wild animals or things in nature. To prove capture, the plaintiff must: (1) form the intention to acquire: (2) deprive the thing or chattel of its natural liberty; and (3) exercise dominion and control over it. (Pierson)Deprive of Natural Liberty: Mortally wounding, killing, rendering escape in possible.