LAW 1506 Lecture Notes - Lecture 1: Life Estate, Economic Efficiency, Specific Performance
23 May 2018
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Definition of property
o No universal agreement. About the distribution, allocation and control of scarce resources
1. Property as things: the intuitive appeal of making things the mediator of the relationship is
evidenced by the pervasiveness of 'thingness' in the layperson's understanding of property David
Lametti, 'The concept of Property' 325-254
2. Property as rights
o Created, conferred and protected by law. Not natural- they are a legal bundle of rights
o Liberal triad- three dominant property rights- gives owner choice
1. Exclusive use: right to use and control the thing. Owner has power and control over
property- exclusive right to determine how the thing is used/ stop others from using or
accessing it
2. Assignability/ abandonment: owner has exclusive right to sell, give away, abandon,
destroy (provided no limiting govt regulation)
3. Capacity to be binding against the whole world without more
o No property in a spectacle itself: property in land but no right for the racecourse owner not
to be watched by neighbou; economic damage but property right not damaged; law won't
build a fence, owner should build fence to stop onlookers Victoria Park Racing and
Recreation Grounds Co. Ltd v Taylor (1937) 58 CLR 479 -
3. Property as a social relationship
o Property is about relations between people in respect to control over goods and resources
o The source and internal rules of private property arises from social relationships
o obligations require non-owners to leave owners alone; require owners to exercise property
rights with due respect for interests of others incl non-owners (Singer)
Classifications of property
• Private
• state/ public
• Common
Justification of private property
o Possession
o Labour- John Locke- god gave earth to humans to use to their best advantage of life and
convenience. When one mixes their labour with they earth they have a property right over
the land which they have worked (subject to the limitation that there be enough for
everyone else)
o Personality and human flourishing
o Economic efficiency- three conditions 1) exclusivity of possession; 2) free exchange of
property. Impediments to circulation should be removed; 3) expansion of the variety and
types of items that are available for exchange
o Freedom
o Utility
o Pluralism- all justification have validity
Classifications of private property
• Real: land and fixtures
o Corporeal hereditaments (estates); incorporeal (mortgages, other interests in/over the
land)
• Personal: movables, chattels (tangible); intangible (bank Account, IP address, shares)
o Choses in possession vs choses in action
• Possession vs ownership
o Own an estate/ interest in the land. Don’t own the land
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
About the distribution, allocation and control of scarce resources: property as things: the intuitive appeal of making things the mediator of the relationship is evidenced by the pervasiveness of "thingness" in the layperson"s understanding of property david. Lametti, "the concept of property" 325-254: property as rights, created, conferred and protected by law. Not natural- they are a legal bundle of rights: liberal triad- three dominant property rights- gives owner choice, exclusive use: right to use and control the thing. Justification of private property state/ public: possession, labour- john locke- god gave earth to humans to use to their best advantage of life and convenience. Impediments to circulation should be removed; 3) expansion of the variety and types of items that are available for exchange: freedom, utility, pluralism- all justification have validity. Don"t own the land: estates and interests. Estates (exclusive use, basic title right of ownership.
