- •Contents
- •Preface
- •Acknowledgments
- •Table of cases
- •Table of statutes
- •Table of statutory instruments
- •Table of treaties
- •Table of EC legislation
- •1 Property law: the issues
- •1.1. Basic definition
- •1.2. Illustrative example
- •1.2.1. John
- •1.2.1.1. The unexcised body cell and the question of ownership
- •1.2.1.2. John’s interest in the excised body cell
- •1.2.1.3. Continuity of interests and John’s interest in the cell line
- •1.2.1.4. Enforceability of John’s interest in the cell line
- •1.2.2. Dr A and Dr B and the acquisition and transmission of property interests
- •1.2.3. The drugs company: constraints on the exercise of property rights
- •Notes and Questions 1.1
- •2 What we mean by ‘property’
- •2.1. Introduction
- •2.1.1. Property as a relationship and as a thing
- •2.1.2. Conceptualising ‘things’
- •2.1.3. Distinguishing property rights from other rights relating to things
- •2.1.4. Rights and other entitlements: Hohfeld’s rights analysis
- •2.1.4.1. Rights and duties, privileges and no-rights
- •2.1.4.2. Privileges and no-rights, and powers and liabilities
- •Abandonment
- •Effect of restrictions on alienation rights
- •2.1.4.3. Powers and liabilities, immunities and disabilities
- •2.1.5. Hohfeldian analysis of dynamic property relationships
- •2.1.5.1. Stage 1: Before the grant of the option
- •2.1.5.2. Stage 2: Grant of the option
- •2.1.5.3. Stage 3: Exercise of the option
- •2.1.6. Property rights, property interests and ownership
- •Notes and Questions 2.1
- •2.2. Private property, communal property, state property and no property
- •2.2.1. Introduction
- •2.2.2.1. No-property: ownerless things
- •2.2.2.2. Open access communal property
- •Distinction between open access and limited access communal property
- •Distinction between open access communal property and no property
- •Distinction between open access communal property and state property
- •Distinction between allocation and provision of resources
- •Regulation of communal property
- •2.2.2.3. Limited access communal property
- •Distinction between communal property and co-ownership
- •Particular use rights rather than general use rights
- •2.2.2.4. State property
- •2.2.2.5. Anticommons property
- •2.3. Economic analysis of property rights
- •2.3.1. What economic analysis seeks to achieve
- •Notes and Questions 2.2
- •2.3.2. Key concepts in the economic analysis of property rights
- •2.3.2.1. Externalities
- •2.3.2.2. Transaction costs
- •Imperfect information
- •Costs of collective action
- •Free-riders and holdouts
- •2.3.2.3. Efficiency
- •Value
- •Pareto efficiency
- •Kaldor-Hicks efficiency
- •2.4. Things as thing and things as wealth
- •2.4.1. Functions of things
- •2.4.2. The idea of a fund
- •2.4.3. Thing versus wealth
- •2.4.4. Related conceptions
- •2.4.4.1. Fungibles and non-fungibles
- •2.4.4.2. ‘Use value’ and ‘exchange value’
- •2.4.4.3. Property and personhood
- •Use value/exchange value
- •A functional distinction
- •Notes and Questions 2.3
- •3 Justifications for property rights
- •3.1. Introduction: general and specific justifications
- •3.2. Economic justification of property rights
- •3.2.1. Property and scarcity
- •Notes and Questions 3.1
- •3.2.2. Viability of single property systems
- •3.2.3. Criteria for measuring the success of a particular form of ownership
- •3.3. John Locke’s justification for private property
- •3.3.1. What Locke was attempting to establish
- •3.3.2. The political context
- •3.3.3. The problem of consent
- •3.3.4. Locke’s justification for original acquisition
- •3.3.5. The nature of Locke’s commons
- •3.3.6. Why mixing labour with a thing should give rise to entitlement
- •3.3.7. The sufficiency proviso
- •3.3.8. The spoilation proviso
- •3.3.9. The theological dimension to Locke’s theory
- •3.3.10. Present relevance of Locke’s theory
- •Notes and Questions 3.2
- •4 Allocating property rights
- •4.1. Introduction
- •4.2. The first occupancy rule
- •4.2.1. Intuitive ordering
- •4.2.2. Preservation of public order
- •4.2.3. Simplicity
- •4.2.4. Signalling
- •4.2.5. The bond between person and possessions
- •4.2.6. The libertarian justification
- •4.2.7. The communitarian objection
- •4.2.8. Economic efficiency
- •Notes and Questions 4.1
- •4.3. New things
- •Notes and Questions 4.2
- •4.4. Capture
- •Notes and Questions 4.3
- •5.2. Iron-holds-the-whale
- •5.3. Split ownership
- •4.5. Colonisation and property rights
- •4.5.1. Introduction
- •4.5.2. The Milirrpum decision and the doctrine of terra nullius
- •4.5.3. Mabo (No. 2)
- •4.5.3.1. Terra nullius
- •4.5.3.2. Property, sovereignty and the doctrine of radical title
- •4.5.3.3. Extinguishment
- •Express extinguishment
- •Implied extinguishment by inconsistent grant
- •Abandonment
- •Surrender but not alienation
- •Notes and Questions 4.4
- •4.5.4. Developments since Mabo (No. 2)
- •5 Personal and proprietary interests
- •5.1. Characteristics of proprietary interests
- •5.1.1. General enforceability
- •5.1.2. Identifiability of subject-matter
- •5.1.2.1. The basic principle
- •5.1.2.2. Fluctuating assets
- •5.1.3. Significance of alienability
- •5.1.3.1. Inalienability of communal property
- •5.1.3.2. Status rights
- •5.1.3.3. Appurtenant rights
- •5.1.4. Requirement for certainty
- •5.1.5. The numerus clausus of property interests
- •5.1.6. Vindication of property rights
- •5.1.7. Termination
- •5.1.7.1. Abandonment
- •5.1.7.2. Disclaimer
- •5.1.7.3. Forfeiture
- •5.1.8. Property rights and insolvency
- •5.2. Special features of communal property rights
- •5.2.1. Present scope of communal property
- •5.2.1.1. Rights of common
- •5.2.1.2. Customary rights
- •Notes and Questions 5.1
- •5.3. Aboriginal land rights
- •5.3.1. Nature of native title
- •5.3.2. Alienability
- •5.3.3. Abandonment
- •5.3.4. Variation
- •5.3.5. Extent of native title
- •5.3.6. Is native title proprietary?
- •5.3.6.1. Blackburn J’s view in Milirrpum
- •5.3.6.2. The view of the High Court in Mabo (No. 2)
- •5.3.6.3. The Canadian view
- •Notes and Questions 5.2
- •6 Ownership
- •6.1. The nature of ownership
- •6.1.1. The basis of ownership
- •6.1.1.1. Ownership and people
- •6.1.1.2. Ownership and things
- •6.1.2. An outline of the difficulties encountered in any consideration of ownership
- •6.1.2.1. The different meanings of ownership
- •6.1.2.2. Disagreements about ownership
- •6.1.2.3. Contradictions within ownership
- •6.1.2.4. The division of ownership
- •Between different types of owner
- •Between owners and non-owners
- •Notes and Questions 6.1
- •Notes and Questions 6.2
- •6.2. The contents of ownership
- •Notes and Questions 6.3
- •Notes and Questions 6.4
- •6.3. The roles played by ownership
- •6.3.1. As a legal term of art
- •6.3.1.1. Ownership’s role in land
- •6.3.1.2. Ownership’s role in chattels
- •6.3.1.3. Ownership’s role in legislation
- •6.3.2. As an amorphous notion
- •6.3.2.1. Ownership as an organising idea
- •6.3.2.2. Ownership as a contested concept
- •6.4. The limitations of ownership
- •6.4.1. Nuisance
- •6.4.1.1. A brief introduction to nuisance
- •Public nuisance
- •Private nuisance
- •6.4.1.2. The requirements of private nuisance
- •6.4.1.3. Private nuisance and private property
- •What is protected?
- •6.4.1.4. The allocation of entitlements
- •The traditional criteria
- •The role of the market
- •The role of public policy
- •6.4.1.5. The protection of entitlements
- •Property rules
- •Liability rules
- •Rules of inalienability
- •Notes and Questions 6.5
- •Notes and Questions 6.6
- •Notes and Questions 6.7
- •Notes and Questions 6.8
- •Notes and Questions 6.9
- •A. Property and liability rules
- •B. Inalienable entitlements
- •Notes and Questions 6.10
- •6.5. Restrictive covenants
- •Notes and Questions 6.11
- •Notes and Questions 6.12
- •7 Possession
- •7.1. The nature of possession
- •7.1.1. Introduction
- •7.1.2. Possession, ownership and proprietary interests
- •7.1.3. What is possession?
- •7.1.3.1. Factual control
- •The relevance of title
- •The nature of the thing possessed
- •The purpose for which the thing is used
- •Control through agents and control of contents
- •7.1.3.2. Intention required
- •Intention to exclude
- •Effect of ignorance
- •Notes and Questions 7.1
- •7.2. Possession of land
- •7.2.1. Leases and licences
- •7.2.1.1. Why the distinction matters
- •7.2.1.2. Distinguishing leases from licences
- •Notes and Questions 7.2
- •7.2.2. Possession and particular use rights
- •7.2.2.1. General and particular use rights
- •7.2.2.2. Compatibility of particular and general use rights
- •7.3. Possession of goods: bailment
- •7.3.1. Nature of bailment
- •7.3.2. Rights, duties and obligations of bailor and bailee
- •7.4. Protection of possession
- •7.4.1. Protection of property rights by protection of possession
- •7.4.2. Tort and the protection of property rights
- •7.4.2.1. The role of tort in the protection of property rights
- •7.4.2.2. Scope of the property torts
- •Conversion
- •What amounts to a conversion of goods?
- •Remedies
- •Trespass
- •What amounts to trespass
- •Remedies
- •7.4.3. Self-help remedies
- •7.4.3.1. Survival of self-help remedies
- •7.4.3.2. Restrictions and deterrents
- •7.4.4. Unlawful eviction and harassment
- •7.4.5. Trespassing and the criminal law
- •Notes and Questions 7.3
- •8 Fragmentation of ownership
- •8.1. Introduction
- •8.2. Present and future interests
- •8.2.1. Interests in possession, in reversion and in remainder
- •8.2.2. Absolute entitlements, contingent entitlements and mere expectancies
- •8.2.2.1. Absolute entitlements
- •8.2.2.2. Contingent interests and expectancies
- •8.2.2.3. Alternative contingencies
- •8.2.3. When interests vest
- •8.2.4. Alienation, management and control
- •8.2.5. Interests of contingent duration
- •8.2.5.1. Determinable interests
- •8.2.5.2. Interests subject to a condition subsequent
- •8.2.5.3. Distinguishing determinable and forfeitable interests
- •8.2.6. Requirement of certainty
- •8.2.7. Successive interests in land and the doctrine of tenures and estates
- •8.2.7.1. Tenures and estates
- •8.2.7.2. Estates in particular use rights
- •8.2.7.3. Leases
- •8.2.8. Restrictions on the power to create future interests
- •8.3. Legal and equitable interests
- •8.3.1. Origin of the legal/equitable distinction
- •8.3.1.1. Failed formality interests
- •8.3.1.2. Novel interests
- •8.3.2. Legal and equitable interests now
- •8.3.2.1. Interests in land
- •8.3.2.2. Interests in goods
- •8.3.3. The significance of the legal/equitable distinction
- •8.3.4. Three common fallacies
- •8.3.4.1. Equitable interests and beneficial interests
- •8.3.4.2. Over-identification of equitable interests with trusts
- •8.3.4.3. Absolute ownership does not include equitable beneficial ownership
- •Notes and Questions 8.1
- •8.4. Fragmentation of management, control and benefit
- •8.4.1. Corporate property holding
- •8.4.2. Managerial property holding
- •8.4.2.1. Trust
- •The trustee
- •The settlor
- •The beneficiaries
- •8.4.2.2. Administration of property on death
- •8.4.2.3. Bankruptcy and liquidation
- •Notes and Questions 8.2
- •8.5. Group ownership
- •8.6. General and particular use rights
- •Notes and Questions 8.3
- •9 Recognition of new property interests
- •9.1. Why are certain interests regarded as property?
- •9.1.1. The function of property
- •9.1.1.1. As a means of allocating scarce resources
- •9.1.1.2. As an incentive to promote their management
- •9.1.1.3. As a moral, philosophical or political statement
- •9.1.2. The danger of property
- •9.1.3. The requirements of property
- •9.2. The dynamic nature of property
- •9.2.1. The recognition and limits of the covenant as a proprietary interest
- •Notes and Questions 9.1
- •9.2.2. The recognition of a proprietary right to occupy the matrimonial home
- •Notes and Questions 9.2
- •9.3. The general reluctance to recognise new property rights
- •9.3.1. The facts of Victoria Park Racing v. Taylor
- •9.3.2. The views of the majority
- •9.3.3. The views of the minority
- •9.3.4. The significance of the case
- •Notes and Questions 9.3
- •9.4. A comparative confirmation and an economic critique
- •Notes and Questions 9.4
- •9.5. The future of property
- •9.5.1. The new property thesis
- •Notes and Questions 9.5
- •Notes and Questions 9.6
- •10 Title
- •10.1. What we mean by ‘title’
- •10.2. Acquiring title: derivative and original acquisition of title
- •10.2.1. Derivative acquisition: disposition or grant
- •10.2.2. Original acquisition
- •10.3. Relativity of title
- •10.4. Proving title
- •10.4.1. Role of registration
- •10.4.2. Possession as a root of title
- •10.4.3. Provenance
- •10.4.4. Extinguishing title by limitation of action rules
- •10.4.5. Relativity of title and the ius tertii
- •10.5. The nemo dat rule
- •10.5.1. Scope of the nemo dat rule
- •10.5.2. General principles applicable to all property
- •10.5.2.1. Registration and the nemo dat rule
- •10.5.2.2. Dispositions to volunteers
- •10.5.2.3. Powers of sale
- •10.5.3. The application of the nemo dat rule to goods
- •10.5.4. The application of the nemo dat rule to money
- •10.5.5. The application of the nemo dat rule to land
- •10.5.5.1. The general principle
- •10.5.5.2. After-acquired property
- •10.5.5.3. Interests by estoppel
- •10.6. Legal and equitable title
- •11 Acquiring title by possession
- •11.1. Introduction
- •11.2. The operation of adverse possession rules
- •11.2.1. Unregistered land
- •11.2.2. Registered land
- •11.2.3. What counts as ‘adverse’ possession
- •11.2.4. Effect on third party interests
- •11.3. Why established possession should defeat the paper owner
- •11.4. Adverse possession and registration
- •11.5. Good faith and the adverse possessor
- •1. Tension between principle and proof
- •Notes and Questions 11.1
- •A. Lockean entitlement
- •B. Utilitarianism
- •C. Property and personhood
- •B. Property theory and adverse possession
- •Notes and Questions 11.2
- •Notes and Questions 11.3
- •Stale claims in registered land
- •Stale claims under the 2002 Act
- •Distinguishing the ‘good’ squatter from the ‘bad’ squatter
- •Problems of proof
- •Effect of the 2002 Act changes on the incidence of adverse possession
- •The incompatibility argument
- •Notes and Questions 11.4
- •11.6. Goods
- •11.6.1. Taking and theft
- •11.6.2. Protection of title by tort
- •11.6.3. The Limitation Act 1980 and title to goods
- •11.6.4. Finders
- •Notes and Questions 11.5
- •12 Transfer and grant
- •12.1. Derivative acquisition
- •12.2. Formalities
- •12.2.1. Nature and content of formalities rules
- •12.2.2. Registration and electronic transactions
- •12.2.3. Validity and enforceability against third parties
- •12.2.4. Effect of compliance on passing of title
- •12.2.5. Transactions excepted from formalities rules
- •12.2.5.1. Equitable modification of legal rules
- •12.2.5.2. Implied rights
- •12.2.5.3. Rights acquired by possession or prescription
- •12.2.6. Deeds and prescribed forms
- •12.2.7. Why have formalities rules
- •12.2.7.1. The evidentiary function
- •12.2.7.2. The cautionary function
- •12.2.7.3. The channelling function
- •12.2.7.4. Other functions
- •Clarifying terms
- •Publicity
- •State functions
- •12.2.8. Disadvantages
- •12.2.8.1. Hard cases
- •12.2.8.2. Costs
- •Notes and Questions 12.1
- •Notes and Questions 12.2
- •12.3. Contractual rights to property interests
- •12.3.1. Estate contracts and the rule in Walsh v. Lonsdale
- •12.3.2. Application to property other than land
- •12.3.3. The failed formalities rule
- •12.3.3.1. The general rule
- •12.3.3.2. The failed formalities rule as it applies to land
- •12.3.3.3. Failed formalities rule as it applies to other property
- •Notes and Questions 12.3
- •Notes and Questions 12.4
- •12.3.4. Options to purchase, rights of pre-emption and rights of first refusal
- •Notes and Questions 12.5
- •Notes and Questions 12.6
- •12.4. Unascertained property
- •12.4.1. The problem of identification
- •12.4.2. Unascertained goods
- •12.4.3. Other unascertained property
- •Notes and Questions 12.7
- •13 Acquiring interests by other methods
- •13.1. Introduction
- •13.2. The difference between adverse possession and prescription
- •13.3. Why long use should give rise to entitlement
- •13.4. Rationale
- •13.4.1. Ascendancy of the presumed grant rationale
- •13.4.2. Effect of the ‘revolting fiction’
- •13.5. When long use gives rise to a prescriptive right
- •13.5.1. The problem of negative uses
- •13.5.2. Rights that can be granted but not acquired by prescription
- •13.6. User as of right and the problem of acquiescence
- •13.7. The future of prescription
- •Recommendation in favour of abolition
- •Minority view in favour of retention
- •Notes and Questions 13.1
- •14 Enforceability and priority of interests
- •14.1. Rationale of enforceability and priority rules
- •14.2. Enforceability and priority rules
- •14.2.1. The basic rules
- •14.2.2. Impact of registration
- •Notes and Questions 14.1
- •14.3. The doctrine of notice
- •14.3.1. Notice
- •14.3.2. Good faith
- •14.3.3. Effectiveness of the doctrine of notice as an enforceability rule
- •Notes and Questions 14.2
- •14.4. Overreaching
- •14.4.1. Nature and scope of overreaching
- •14.4.2. Operation of overreaching
- •14.4.3. Overreaching the interests of occupying beneficiaries
- •14.4.4. Transactions capable of overreaching beneficiaries’ interests
- •14.4.5. The two-trustees rule
- •Introductory
- •Overreaching
- •Safeguard for beneficiaries
- •Change of circumstances
- •Protecting occupation of property
- •Principal recommendation
- •Notes and Questions 14.3
- •15 Registration
- •15.1. What are registration systems for?
- •15.2. Characteristics of the English land registration system
- •15.2.1. Privacy
- •15.2.2. Comprehensiveness
- •15.2.3. Boundaries
- •15.2.4. Restricted class of registrable interests
- •15.2.4.1. Distinguishing ‘substantive’ registration and ‘protection’ on the register
- •15.2.4.2. Registration
- •15.2.4.3. ‘Protection’ by notice or restriction
- •15.2.4.4. The overriding interest class
- •15.2.5. The mirror, curtain and guarantee principles
- •THE ‘MIRROR PRINCIPLE’
- •THE ‘CURTAIN PRINCIPLE’
- •15.2.6. Consequences of non-registration
- •Notes and Questions 15.1
- •Compulsory use of electronic conveyancing
- •Do-it-yourself conveyancing
- •The objective of the power
- •The application of the power
- •Notes and Questions 15.2
- •15.3. Enforceability and priority of interests under the Land Registration Act 2002
- •15.3.1. Registrable interests
- •15.3.2. All other interests
- •15.3.2.1. Enforceability
- •15.3.2.2. Priority
- •15.4. Overriding interests
- •15.4.1. Justifications for overriding interests
- •15.4.2. Principles to be applied
- •15.4.3. Overriding interests under the 2002 Act
- •15.4.4. Easements and profits
- •15.4.5. Interests of persons in actual occupation: the 1925 Act
- •15.4.5.1. What rights are covered?
- •5.4.5.2. Actual occupation
- •Physical presence
- •Personal occupation
- •Non-residential premises
- •15.4.6. Interests of persons in actual occupation: the 2002 Act
- •15.4.6.1. Causal link between interest and occupation
- •15.4.6.2. Meaning of ‘actual occupation’
- •15.4.6.3. The ‘notice’ element
- •15.4.6.4. Can minors be in actual occupation?
- •15.4.6.5. Occupation of part
- •15.4.7. Complexity
- •Notes and Questions 15.3
- •15.5. Indemnity
- •15.5.1. Function of indemnity
- •15.5.2. Shortfall in the provision of indemnity
- •15.5.3. Cost
- •17 Leases and bailment
- •17.1. Introduction
- •17.2. Leases and bailments compared
- •17.2.1. Consensuality
- •17.2.2. Contract
- •17.2.3. Enforcement
- •17.2.4. Duration and purpose
- •17.2.5. Beneficial use
- •17.2.6. Proprietary status
- •17.2.7. Inherent obligations of the possessor
- •17.3. Leases
- •17.3.1. Nature of the lease
- •17.3.1.1. Duration: the four basic categories
- •The legal position
- •Length of fixed-term leases in practice
- •Commonhold as an alternative to the long residential lease
- •Commercial premises
- •Assignment and premature termination of fixed-term lease
- •17.3.1.3. Periodic tenancies
- •Nature
- •Contractual fetters on notice to quit
- •17.3.1.4. Tenancy at will
- •Tenancy at sufferance
- •Notes and Questions 17.1
- •17.3.1.5. Certainty of duration
- •Notes and Questions 17.2
- •Passage 2
- •Passage 3
- •Passage 4
- •Notes and Questions 17.3
- •17.3.1.7. The tolerated trespasser status
- •Notes and Questions 17.4
- •Notes and Questions 17.5
- •17.3.2. Alienability
- •17.3.2.1. Inherent alienability
- •Alienability of tenant’s interest
- •Subleases and other derivative interests granted by the tenant
- •Effect of termination of lease on derivative interests
- •Alienability of landlord’s interest
- •Concurrent leases and other derivative interests granted by the landlord
- •17.3.2.2. Restrictions on alienability
- •17.3.2.3. Statutory control of contractual restrictions
- •Notes and Questions 17.6
- •17.3.3. Effect of alienation on enforceability
- •17.3.3.1. Introduction: the basic principle
- •Automatic transmission of benefit and burden of proprietary terms: the privity of estate principle
- •Post-assignment liability: the privity of contract principle
- •17.3.3.3. Derivative interest holders
- •17.4. Bailment
- •17.4.1. Essential features of bailment
- •17.4.2. Categories of bailment
- •17.4.3. Characteristics of bailment
- •17.4.4. Liabilities of the bailee
- •Notes and Questions 17.7
- •17.4.5. Is bailment proprietary?
- •17.4.5.1. Possession and exclusivity
- •17.4.5.2. Alienability
- •17.4.5.3. Enforceability against third parties
- •17.4.5.4. Other proprietary indicia
- •18 Security interests
- •18.1. The nature and function of security
- •18.1.1. Nature of security
- •18.1.1.1. Terminology problems
- •18.1.1.2. Legal and equitable rights to redeem
- •18.1.1.3. Creation, attachment and perfection of security
- •18.1.2. Function
- •18.1.2.1. Right of first recourse
- •18.1.2.2. Attachment to the asset
- •18.1.2.4. The hostage function
- •18.1.2.5. Signalling, monitoring and control
- •18.1.3. Efficiency
- •18.1.4. Use of security
- •18.2. Forms of security
- •18.2.1. Property transfer securities: the mortgage
- •18.2.2. Possessory securities: pledge or pawn
- •18.2.3. Hypothecations: the charge
- •18.2.4. Liens
- •18.2.5. Property retention securities
- •18.2.6. Charge by way of legal mortgage
- •Notes and Questions 18.1
- •18.3. Control over the terms of the relationship
- •18.3.1. Equitable supervisory jurisdiction
- •18.3.2. The Kreglinger principles
- •18.3.3. Statutory intervention
- •Notes and Questions 18.2
- •18.4. Enforcement of security
- •18.4.1. Remedies
- •18.4.2. Possession
- •18.4.3. Sale
- •18.4.3.1. When the power arises
- •18.4.3.2. When the power becomes exercisable
- •18.4.4. Duties on enforcement
- •General principles
- •The handling of arrears: initial action taken by lenders
- •Alleviating arrears problems
- •The levying of charges on accounts in arrear
- •Methods of obtaining possession
- •Proceeds of sale
- •Indemnity insurance
- •Loss recovery procedures
- •Notes and Questions 18.3
- •16 Co-ownership
- •16.1. Introduction
- •16.2.1. Basic concepts
- •OWNERSHIP IN COMMON
- •JOINT OWNERSHIP
- •CONCURRENT INTERESTS IN FINANCIAL ASSETS
- •CONCURRENT INTERESTS IN LAND
- •Notes and Questions 16.1
- •Unity of possession
- •Unity of interest
- •Unity of title
- •Unity of time
- •16.2.2. A comparison of joint tenancies and tenancies in common
- •16.2.2.1. Four unities versus one
- •Notes and Questions 16.2
- •16.2.2.2. The right of survivorship (and how to avoid it)
- •Severance at common law
- •16.2.2.3. Acting upon one’s share
- •16.2.2.4. Mutual agreement
- •16.2.2.5. Mutual conduct
- •16.2.2.6. Statutory severance
- •Notes and Questions 16.3
- •16.2.3. Use of co-owned property
- •16.2.3.1. Land
- •12 THE RIGHT TO OCCUPY
- •13 EXCLUSION AND RESTRICTION OF RIGHT TO OCCUPY
- •Notes and Questions 16.4
- •16.2.3.2. Chattels
- •Notes and Questions 16.5
- •16.2.4. Sale and other dispositions of co-owned property
- •16.2.4.1. Land
- •Notes and Questions 16.6
- •16.2.4.2. Chattels
- •16.3. Other forms of co-ownership
- •16.3.1. Commonhold
- •16.3.2. Unincorporated associations
- •Notes and Questions 16.7
- •16.3.3. Extending the limits of co-ownership: public trusts
- •Bibliography
- •Index
Index
abandonment |
knowledge 409 |
Australia 147–8, 169, 174 |
local authorities 431–2 |
custom 169, 174 |
necessary evil 429–42 |
mortgages 691–2 |
objections 407 |
non-use 161, 172 |
personhood 414 |
powers 22 |
prescription distinguished 489–90 |
aboriginal populations |
principle/proof 417–20 |
Australia 112, 138–52, 169 |
problems of proof 436–8 |
clans/bands 177 |
property theory 424 |
nomadic land use 112, 139, 143, 265 |
registered land 407, 412–13, 428 |
occupation 112, 120–1, 138–52, 173–9 |
requirements 408–9 |
particular use rights 280 |
rules, operation 406–10 |
title see native title |
stale claims 433–5 |
traditional way of life 174 |
state claims 433–5 |
United States 112, 120–1 |
third parties 409–10 |
absolute entitlements |
unregistered land 407, 433 |
equitable interests distinguished 314 |
utilitarianism 411, 414, 422, 423–4 |
future interests 299–300, 302, 303 |
wrongful takers 111 |
title claims 383, 386, 387 |
see also squatters |
see also entitlements; title |
agency, control 265 |
absolute monarchy 82 |
Alexander, Gregory S. 323, 326–32 |
absolute in possession 213, 310 |
alienation |
Ackerman, Bruce 182, 191, 374 |
alienability 640–5 |
acquisition of title |
Australia 148, 173 |
derivative see derivative acquisition |
bailment 654–5 |
first see first occupancy; first taking |
capital interest 197 |
goods 443–7 |
contracts 23, 159, 643–4 |
grant see grant |
Crown 174 |
just acquisition 13, 14, 83, 84–7, 89, 92, |
enforcement 645–8 |
112, 122 |
fixed-term tenancies 616 |
methods 489–511 |
forfeiture 23, 159 |
original acquisition 83–4, 86, 112, 113, |
landlord’s interest 641 |
384–6 |
leases 23, 640–8 |
possession 406–7 |
nemo dat rule 303 |
transfer see transfer |
private property 23, 159 |
adverse possession |
restrictions 22–3, 642–4 |
acquisition of title 406–10, 489–90 |
restrictive covenants 349 |
animus possidendi 408 |
significance 157–9 |
derivative interests 409–11 |
statutory control 643–4 |
eviction 407, 434 |
tenant’s interest 640 |
good faith 413–42 |
see also inalienable rights |
human rights 412–13, 430 |
allocation |
incompatibility argument 440–2 |
entitlements 224–6, 235–6, 238–9 |
intention 408–9 |
new things 123 |
709
710 Index
allocation (cont.) property rights 107–52
provision distinguished 38 alternative contingencies 302 ancient buildings 493 Anderson, Terry L. 42–5 animals
fishing quotas 537–8 fox hunting 128, 129–30 livestock 124–7
oyster fisheries 169, 627 swans 146
whaling 128–9, 132–8 wild animals 128–38
annexation Crown 138 native title 178
anticommons property 41–2 appurtenant rights
commons 167–8
easements 158, 343, 498, 542 inalienable rights 158–9, 167 re-entry 162
Aristotle 681 assets
common pool 117 companies 321, 324–5
financial, concurrent interests 575 fluctuating 156–7, 335
funds 50–1 insolvency 337–9 trusts 312, 334, 335
assignment co-ownership 39
fixed-term tenancies 616 leases 271
liabilities 646, 648 privity of contract 646
auctioneers and conversion 284 Austin, John 198, 464 Australia
abandonment 147–8, 169, 174 aboriginal populations 112,
138–52, 169 alienation 148, 173 colonisation 138–52 custom 147–8, 169, 174
extinguishment 141, 143, 147, 173, 175 native title 149–52, 169, 173–9 surrender 148, 174
terra nullius 140–5
Torrens registration 49, 544, 546, 548
bailment alienation 654–5
beneficial use 612 categories 649–50
characteristics 280–1, 648–51 consent 281, 610
conversion 284–5 enforcement 282, 611, 655 finders 281, 610 forfeiture 162
leases compared 280–1, 609–12 legal interests 313
liabilities 612, 651–2 locus standi 655 meaning 160 obligations 281–2
possession 280–2, 611, 653–4 property law 648–56
property relationships 17, 653–6 proprietary indicia 655–6 proprietary status 612
rights 282
self-help remedies 286 shipping 655
theft 281, 610 third parties 655
trespass to goods 286 unauthorised 610, 611
Ballantine, H. W. 419 bankruptcy
disclaimer 161 leases 164 licences 164
residential property 51–2, 64 title 338, 454, 479
trustees in bankruptcy 338, 454 see also insolvency
Bartlett, Richard 151–2, 174, 175 Barzel, Yoram 61, 75, 78, 116 Beaglehole, Earnest 182
Becker, Lawrence 59, 107, 205–6, 208–11 Bellamy, Edward 327
beneficial interests administration of estates 335–7 equitable interests 314 overreaching 525–9
beneficiaries
choses in action 334 fragmentation of ownership 334–5 funds 50–1
occupation 525–9 overreaching 524–9
personal representatives 336–7 trusts of land 626–7
Bentham, Jeremy 111, 184, 220, 349, 376 Berg, Alan 672
Berle, Adolf A. 322, 323, 325–32 Birks, Peter 449, 455, 456, 461–4, 513,
553, 555
Blackstone, William 183–4, 204, 349 body cells
cell lines 3–4, 9–12 disclosure 8 excised 8–9 ownership 4–16
Index 711
property rights 8–15 |
ownership 215, 574, 594–5, 599 |
unexcised 4–7 |
see also goods |
bona fide purchaser |
Cheffins, Brian 323 |
certainty 516 |
choses in action |
equitable interests 457, 462, 514, 516 |
bank accounts 399 |
equity’s darling 514, 515–16 |
beneficiaries 334 |
good faith requirement 518–19 |
claim-rights 20, 84, 189, 206, 208 |
inquiries/inspections 517 |
Clarke, Alison 293–5, 407, 412, 413, 427–42, 491, |
nemo dat rule 401–2 |
566, 615, 616, 655 |
notice 514, 515–23 |
clubs, communal property 39 |
Pilcher v. Rawlins 516, 519–22 |
co-ownership |
boundaries 541 |
assignment 39 |
broadcasting |
basic concepts 572–6 |
race meetings 356–68 |
chattels 594–5, 599 |
see also television reception |
classical approach 572–99 |
Buckle, Stephen 83, 84 |
commonhold 599 |
Buckley, F. H. 661 |
communal property distinguished 39–40, 340 |
bundles of rights |
conversion 599 |
legal relations 191 |
exclusions/restrictions 592–3 |
native title 175 |
forms 599–608 |
ownership 183, 184, 187, 190, 194 |
fragmentation of ownership 339–42 |
Burke, Edmund 678 |
incidents of ownership 11 |
|
joint ownership 573–5 |
cadastral systems 538–9, 540, 546–8 |
land 341–2, 591–5, 596–7 |
Calabresi, Guido 226, 227, 228, 229, 230, |
matrimonial home 342, 596–8 |
238–49, 415, 491 |
nemo dat rule 599 |
Canada, native title 179, 280 |
occupation 591–3 |
capital interest |
ownership in common 572–3 |
alienation 197 |
powers 39 |
destruction 197 |
property law 571–608 |
disposition 197 |
public trusts 605–8 |
incidents of ownership 5, 7, 196–7 |
sale of land 596–9 |
overriding interests 11–12 |
survivorship 579–82 |
capture |
trusts 11, 341–2 |
control 128 |
unincorporated associations 599–604 |
efficiency 129 |
see also ownership |
interlopers 128, 129, 130 |
Coase, Ronald 225–6 |
natural products 117, 128–38 |
Coase theorem 75, 78, 235 |
whaling 128–9, 132–8 |
Cohen, Felix 122–4, 371 |
Carsberg, B. V. 322 |
Coleman, Jules L. 227 |
certainty |
colonisation |
bona fide purchaser 516 |
Crown 146 |
contingent interests 306–7 |
property rights 138–52 |
duration 621–4 |
radical title 146 |
native title 176 |
settlement 118, 141, 142, 144 |
periodic tenancies 617–18 |
commonhold 599, 615 |
property interests 159, 348 |
commons |
Chakravaty-Kaul, Minoti 76 |
anticommons property 40–2 |
charges |
appurtenant rights 167–8 |
fixed/floating 157, 665, 668 |
first taking 83 |
hypothecations 664–5 |
glebe land 499–507 |
land charges 459 |
Locke (John) 84 |
legal mortgage 665–7 |
meaning 75–6 |
charging orders 659 |
pollution 63–4 |
charterparties 350–1, 655 |
registration 169 |
chattels |
rights of commons 167–8 |
co-ownership 594–5, 599 |
tragedy of the commons 60–5, 168 |
interference 350–1 |
communal property |
joint ownership 574 |
allocation of resources 38 |
712 Index
communal property (cont.) clubs 39
co-ownership distinguished 39–40, 340 conservation 169
custom 279 disadvantages 65–8 externalities 66, 67 general use rights 40, 278 grazing rights 61, 168
inalienable rights 158, 167, 177 limited access 36, 39–40, 167, 168 meaning 35, 65, 69
negotiating costs 65–6
no-property distinguished 37, 38, 75–6 open access 36–8
ownership rights 65 particular use rights 40, 278 provision of resources 38 regulation 38
right not to be excluded 181 scope 167
self-regulation 168 special features 167–72
state property distinguished 37 tradable entitlements 40
see also commons companies
assets 321, 324–5 closely held 322
corporate governance 186, 321 deeds 454
directors 321, 322 efficiency 321, 322 insolvent liquidation 337–8
land management see management companies
legal personality 320–1
limited liability 321, 322, 324–5 listed companies 322
nexus of contracts 323 public control 330–2
see also corporate ownership; shareholders compliance, formalities 452–3
confidential information 378 consent
bailment 281, 610 leases 609–10 property rights 83
constructive trusts creation 333, 453 enforcement 155–6 mortgagees 333
consumer credit 455, 460–1, 672 contingent interests
alternative contingencies 302 certainty 306–7
condition subsequent 304, 305 contingent duration 304–6 determinable interests 305, 306
future interests 301–2 contracts
alienation 23, 159, 643–4 companies 323
contract holding theory 602 enforcement 26, 155–6, 452–3, 610–11 formalities 452–3, 455
leases 281, 449–50, 610–11, 612 liabilities 22
licences 273 negotiation 450 nexus of contracts 323
partial performance 395 periodic tenancies 617–19 property interests 471–84 restrictive covenants 250 sale of goods 472–3
specific performance 471, 472–3 unfair terms 673
see also estate contracts control
agency 265 capture 128 contents 265–6
effect of ignorance 267 factual control 262–6
incidents of ownership 5, 6, 7, 194, 196 intention 265
possession 262–6 pre-existing ownership 107–8 sea-bed 264–5
trust property 312 see also management
conversion bailment 284–5 co-ownership 599 damages 283, 285 finders 284, 445–6
limitation of actions 444–5 locus standi 284–5 meaning 284
mortgagees 284–5 possession 284 property rights 8 remedies 285 theft 285, 347 torts 283, 284–5
conveyancing do-it-yourself 550–3 electronic 549–50, 555 overreaching 524
Cooter, Robert 112–13, 129 copyright 348, 372
corporate governance 186, 321–32 corporate ownership
freedom of action 15–16 profit function 322, 325–6 property holdings 320–32 see also companies
Index 713
costs
formalities 457, 461 negotiation 65–6
see also transaction costs
Council of Mortgage Lenders 662, 685, 688–95 credit
consumer credit 455, 460–1, 672 extortionate credit bargains 673 supply 669–70
CREST 451 criminal liability
forcible entry 291 possession 686 theft 444
trespass to land 291–2 Critchley, Patricia 456, 458 Crown
absolute monarchy 82 alienation 173 annexation 138
feudal system 146, 308, 542 franchises and manors 542
Cunningham, R. A. 17–18 custom
abandonment 169, 174 Australia 147–8, 169, 174 customary rights 168–70 first occupancy 108–9 long user 454
possession 119 profits a prendre 169 variation 174
cybersquatting 130–2
Dahlman, Carl 76
Dales, J. H. 185, 214 damages
conversion 283, 285 private nuisance 229 trespass 286
Dasgupta, P. 116
De Alessi, Louis 76 deadweight losses 133
death, administration of property 335–7 deeds
companies 454 forgery 453 gifts 450 leases 450
legal interests 450 mortgages 452 requirements 454–5
delivery, goods 450
Demsetz, Harold 61, 65–8, 69–70, 74, 79, 321, 324–5
derivative acquisition disposition 384, 448 equitable title 403–4 formalities 448–71
grant 384, 402, 448, 449, 640–1
property interests 384, 402, 403–4, 448–88 derivative interests
adverse possession 409–10 enforcement 395, 410 extinguishment 641 holders 647–8
leases 640–2
nemo dat rule 394–5, 402–3 priority 394, 395
destruction capital interest 7
private property 198 determinable interests
contingent interests 305, 306 forfeitable interests distinguished 306 trusts 305
detinue 284 Dewey, John 329
Dharmapala, Dhammika 129–30, 131 Diamond, Aubrey 398
disclaimer 161
distress for rent 286, 288, 293–5 distributional preferences 226, 228, 242, 244 Dockray, Martin 412
Dodd, E. Merrick 331, 332 domain names 130–2, 378 dominium 212–13, 215 duration
absence of term 199 certainty 621–4 contingent duration 304–6 easements 310
fee simple 309 fee tail 213
fixed-term tenancies 310, 613–15 future events 622–4
interests, condition subsequent 305–6 leases 159, 272, 304, 307, 310, 611 licences 273
life estate 213, 309 particular use rights 310
periodic tenancies 310, 619–20 perpetual 86, 87, 146
profits a prendre 310 status rights 161 tenancy at will 310, 618
easements
appurtenant rights 158, 343, 498, 542 dominant/servient tenements 349 duration 310
extinguishment 343 implied rights 454 land values 343
overriding interests 557–8
particular use rights 279–80, 343, 347 prescription 490, 493, 542
registered land 542
714 Index
easements (cont.)
see also rights of way Easterbrook, F. 323 economic analysis
competition for resources 43–4 economic growth 73–4 efficiency 46, 48–50, 112–13 externalities 45–7, 61, 66, 67 individual actors 42–3
key concepts 45–50 motivation 71–2 opportunity cost 43 postulates 43–5 private property 66–74 property rights 42–50
property rights justified 59–81 purpose 42–5
rationality 43 scarcity 42, 43
transaction costs 47–8, 225–6
value maximisation 43, 46, 48, 49, 66, 70 efficiency
capture 129 companies 321, 322
economic analysis 46, 48–50, 112–13 entitlements 226, 228, 235–6, 244 externalities 46
forms of ownership 79–81 inalienable rights 243–4 Kaldor-Hicks efficiency 49–50 Pareto efficiency 49, 420 prescription 490–1
security interests 661 self-adjusting 46–7 value 48–9
electronic transactions conveyancing 549–53, 555 formalities 451–2, 455, 459–60
Ellickson, Robert C. 76, 128–9, 132–8, 421, 425 enforcement
against strangers 107–8, 441 alienation 645–8
bailment 282, 611, 655
contracts 26, 155–6, 452–3, 610–11 derivative interests 395, 410 equitable interests 457–8, 513–14 first taking 107–8, 513
formalities 452–3
fragmentation of ownership 10, 11 hire agreements 19
leases 611
legal interests 513 licences 282 mortgages 688–95 non-judicial 660
non-proprietary interests 155–6 notice 12, 519
personal rights 155, 160, 164–6, 274, 347 priority 512–36
property interests 10–12, 155–6, 160 registered land 553–4
registration 514–15
restrictive covenants 250–2, 614 rules 512–15
security interests 660, 684–7 entitlements
absolute see absolute entitlements allocation 224–6, 235–6, 238–9 combination of rules 227–31 communal property 40 efficiency 226, 228, 235–6, 240–4 inalienable rights 227, 243–4 joint ownership 341
liability rules 227, 240–2 Locke (John) 414–16, 421–2 long user 490–2
principle 423–4
property rules 227, 240–2 protection 226–31, 240–4, 406 rights analysis 19–24
setting 239
tradable entitlements 40 see also title
environment polluter pays 123
pollution see pollution tragedy of the commons 63–4
Epstein, Richard A. 110, 111–12, 113–16, 117, 369, 410, 411, 412, 415, 416–20, 423, 424, 436, 442
equitable interests
absolute entitlements distinguished 314 beneficial interests 314
bona fide purchaser 457, 462, 514, 516 enforcement 457–8, 513–14
failed formalities 311–12, 452 fallacies 313–20
fee simple 471–2 goods 313, 450 land 313
legal interests distinguished 311–14, 452 life estate 309
matrimonial home 312–13 novel interests 312
origins 311 overreaching 523, 524 ownership 404, 478 priority 514
resulting trusts 318–20 retention of title 317 shipping 538
trusts 312, 314, 514 Westdeutsche case 314–20, 333
equitable leases 312
equitable mortgages 452, 474, 664 equitable title
derivative acquisition 403–4 legal title compared 403–5
Index 715
transfer 404 equity
charges 664–5 conscience 516
deserted wife’s equity 353–6 legal rules, modification 453–4 supervisory jurisdiction 669–70
equity of redemption 666, 669, 673–80, 685 estate contracts
enforcement 26 rule 471–2, 473
estate owners, legislation 214, 215 estates
doctrine 213
particular use rights 310 see also tenures and estates
estoppel, nemo dat rule 396, 402–3, 636, 637 Etheleriadis, P. 374
eviction
adverse possession 407, 434 residential property 290–1
evidence
formalities 456, 464–5 long user 496
trusts of land 450 exchange value 53–4, 57 exclusion
intention 266–7 non-owners 180–1 occupation/possession 274
execution, liabilities 200–1 expectancies 300–2 expropriation 200–1
externalities, economic analysis 45–7, 61, 66, 67 extinguishment
abandonment see abandonment Australia 141, 143, 147, 169, 173, 175 derivative interests 641
easements 343 express 147 fee simple 146
implied by inconsistent grant 147 limitation of actions 391–3, 406, 409 overreaching 524
rights of commons 167 title/intruders see adverse possession
failed formalities
equitable interests 311–12, 452 general rule 473
invalidity 452–3 land 474–5
sale of goods 475 Farrand, J. T. 566, 615, 616 Feather, J. 348
fee simple
absolute in possession 213, 310 duration 309
equitable interests 471–2
extinguishment 146
interests, condition subsequent 306 fee tail, duration 213
Fennell, Lee Anne 41, 42, 76
feudal system, land ownership 146, 308, 542 Filmer, Robert 82, 83, 85
finders
bailment 281, 610 conversion 284, 444–5 lost property offices 444–5 possession 266, 386, 445–6 property rights 108 trespass to goods 285
first occupancy
actual possession 14 communitarian objection 112 custom 108–9
dissipation of value 116, 118 emotional bonds 111, 119 encroachment 115
future value 112–13, 116 intuitive ordering 108–9 libertarian justification 111–12
premature occupation 116–18, 128 priority 113–15
property rights 107–22 public order 109–10 rent-seeking 117 signalling 110–11 simplicity 110 transaction costs 114
United States 112, 116, 118, 120–2 first taking
commons 83 enforcement 107–8, 513 intangible property 107 priority 416–17
Fischel, D. 323
fixed charges, floating charges distinguished 157, 665, 668
fixed-term tenancies alienation 616 assignment 616 break clauses 616 buildings, life 614
commercial premises 615–16 discontinuous 614
duration 310, 613–15 leases 272, 310, 613–16 legal position 613–14 meaning 272
practical length 614–15 rent 615–16 termination 616
Flathman, Richard E. 208–11 Fleming, J. 220
floating charges 157, 665, 668 fluctuating assets
floating charges 157
716 Index
fluctuating assets (cont.)
identification of subject matter 156–7 trusts 157, 336
forfeiture alienation 23, 159 bailment 162
interests, condition subsequent 305, 306 leases 23, 161, 288
meaning 161–2
re-entry 162, 163, 288–90 relief 163, 306
self-help remedies 163, 288–90 specific performance 162 unfairness 162–3
forgery, deeds 453 formalities
cautionary function 456–7, 465 ceremonies 449
channelling function 457–8, 465–6, 519
clarification 458–9 compliance 452–3 consumer credit 455, 460–1 contracts 452–3, 455
costs 457, 461 deeds see deeds
deposit of documents 474 derivative acquisition 448–71 disadvantages 460–1 earmarking 458, 485
electronic transactions 451–2, 455, 459–60
enforcement 452–3 equitable mortgages 452 evidence 456, 464–5 excepted transactions 453–4 failure see failed formalities functions 455–60, 464–8 gifts 450, 458, 468–70
hard cases 460–1, 463 human rights 460–1 land charges 459 legal advice 456–7 legal title 453 mortgages 452, 459 obligations 458
option to purchase 479, 480 prescribed forms 455, 457 publicity 459
registration 451–2
rules, nature and content 448–50 state functions 459–60
Walsh v. Lonsdale 460, 471–2, 473, 475–6 Fox, David 400–2
fox hunting 128, 129–30 fragmentation of ownership
beneficiaries 334–5 capital 303 co-ownership 339–42
contingent duration 304–6 disintegration 187, 214 enforcement 10, 11
future see future interests general use rights 342–3 income/enjoyment 303 insolvency 337–8
joint ownership 340–2 leases 304
management/control/benefit 320–39 managerial property holding 332–9 particular use rights 342–3
present see present interests property interests 297–344 time slices 51, 298, 299, 303 trusts 333–5
France, legitima portio 191 fraud
registered land 453 trustees 516, 519–22
free-riders 48, 80 freehold tenure 309 fugitive resources 128
Fuller, Lon 456, 457, 464–8 funds 51
fungibles 53, 55, 283 Furey, Nigel 654 future interests
absolute entitlements 299–300, 302, 303
alternative contingencies 302 condition subsequent 304, 305–6 contingent see contingent interests creation, restrictions 311 determinable interests 305, 306 expectancies 300–2
fragmentation of ownership 297–311 inchoate interests 302, 303 possibility of reverter 305 pre-emption 301–2, 479–80 remainder interests 298–9, 302, 305 residuarity 304
resulting trusts 299
reversionary interests 298–9, 302, 304, 305, 641
successive see successive interests
Gallie, W. B. 217
Gearty, C. 219 general use rights
communal property 40, 279 fragmentation of ownership 342–3 meaning 278–9
gifts
deeds 450
formalities 450, 458, 468–9 unincorporated associations 600–4
Gladstone, William Ewart 371 Golinveaux, J. 130–2
Index 717
good faith
adverse possession 413–43 good faith requirement 518–19
purchasers see bona fide purchaser Goode, R. M. 383, 398–9, 403–5, 654, 665 Goodman, M. 414
goods
acquisition of title 443–7 bailment see bailment conversion see conversion delivery 450
equitable interests 313, 450 legal interests 313
limitation of actions 393, 444–5 loss of title 283
market overt 397–8 mortgages 666 nemo dat rule 397–8 sale see sale of goods torts 282–3, 444
trespass see trespass to goods wrongful interference 283, 285, 393 see also things
grant
derivative acquisition 384, 402, 448, 449, 640–1 implied/presumed 453–4, 496, 498
option to purchase 25 particular use rights 496–7 possession 625–33 proprietary terms 645
Gray, J. C. 20–2
Gray, Kevin 181–2, 251, 353, 376, 544, 605 Gray, S. F. 251, 544
grazing rights
communal property 61, 168 long user 491–2
severance 170–1 tradable rights 40
Grey, Thomas C. 183, 184, 186–8, 191, 214, 373, 375
Grotius, Hugo 83
group ownership 339–42
Grunebaum, James O. 59, 61, 68–74, 79, 80–1, 182
Hadden, Tom 323
Haddock, David 110, 112, 113, 115–18, 128 Hallowell, Irving 211
harassment 291
Hardin, Garrett 60–5, 75–6, 167, 168 Hargreaves, A. D. 183, 198, 213–14 Harpum, Charles 524
Harris, J. W. 215 Hart, H. L. A. 191–2
Hegel, G. W. F. 181, 182, 411, 424 Heller, Michael 40, 41, 42 Helmholz, Richard 415, 435 Hindu law 125–6
hire agreements 4, 18–19 Hobbes, Thomas 209
Hohfeld, Wesley Newcomb 19–33, 35, 84, 189, 192, 206–8, 227, 329
holdouts 48, 70
Holdsworth, William 287, 654
Honore´, A. M. 4–5, 7, 11, 35, 57, 183, 184, 192–210, 217, 227, 259, 297, 298, 314
housing see residential property Hudson, Anthony 161
human rights
adverse possession 412–13, 430 formalities 460–1
Hume, David 111, 118–19
identification of subject matter basic principle 156–7 fluctuating assets 156–7 native title 176
inalienable rights
appurtenant rights 158–9, 167 communal property 158, 167, 177 efficiency 243–4
entitlements 227, 243–4 status rights 158
incidents of ownership absence of term 199 capital interest 5, 7, 196–7 co-ownership 11 execution, liabilities 200–1 harm prevention 200, 204 income 5, 196, 611
lesser interests 201–3 management/control 5, 6, 7, 194, 198 meaning of ownership 4–7, 193–206 personal use 5, 6–7, 177, 195 possession 5, 194–5
security 197–8 transmissibility 5–6, 198–9
income
fragmentation of ownership 303 incidents of ownership 5, 196 value 123
inconsistent grant 147 indemnities, registered land 566–8 insolvency
assets 337–8 disclaimer 161
fragmentation of ownership 337–8 liquidation 163
mortgages 163–4 personal see bankruptcy property rights 163–4
unascertained property 485 intangible property
capitalism 187 first taking 107
intellectual see intellectual property property rights 18
intellectual property competition 115
718 Index
intellectual property (cont.) copyright 348, 372 domain names 130–2, 378 first taking 110, 115 forfeiture 162
licensing 15 trademarks 131, 132
intention
adverse possession 408–9 control 265
exclusion 266–7 possession 266–7, 408
interest rates 669, 671, 672
interference with goods 283, 285, 393, 599 the Internet
domain names 130–2, 378 new property rights 372
invalidity
failed formalities 452–3 non-registration 546
investment, pre-emption 113 Ireland, Paddy 186, 323, 669, 680–3
Jackson, T. H. 662 joint ownership
acting upon one’s share 582–3 chattels 574
co-ownership 573–5 conversion 340–1 entitlements 341
fragmentation of ownership 340–2 interest 577
mutual agreement 583–4 mutual conduct 584 possession 577
severance 341, 573, 580–2, 584–5 time 578
title 578 trustees 573–4 unities 576–8
justice considerations 226
Kaldor-Hicks efficiency 49–50
Kimble, Melinda 371
Kramer, Matthew H. 84, 88–9
Kraus, Jody 227
Kronman, A. T. 662
labour
just acquisition 13, 14, 83, 84–7, 89, 122
markets 72 value 85, 86
land
co-ownership 341–2, 591–5, 596–7 concurrent interests 575–6, 642 equitable interests 313
failed formalities 474–5 interference with land 219–50
legal interests 313 nemo dat rule 402–3
nomadic use 112, 139, 143, 265 ownership 213–15
possession 271–80 registration see registered land trespass see trespass to land trusts 341–2
unregistered 391, 407, 433 land charges, formalities 459 Land Registry
consultation document 412, 413, 428–33, 438, 440, 479, 482–3, 540, 548–53, 558
indemnity claims 567–8 information sharing 539 voluntary registration 540 see also registered land
Law Commission conversion 284, 285, 393 deeds 454–5
distress 288, 293–5 electronic transactions 451 forfeiture 288
land registration 412, 413, 428–33, 438, 440, 479, 482–3, 540, 548–53, 555–9
limitation of actions 407 mortgages 459, 474, 666–7 overreaching 523, 525, 527, 529–35 perpetuities 311
pre-emption 482–3 prescription 498–9 re-entry 288, 289 sale of goods 485
Law, John 54
Law Reform Committee, prescription 490, 498–9, 507–10
Lawson, F. H. 185, 212, 214, 287, 572–6, 580 leases
alienation 23, 640–8 assignment 272
bailment compared 280, 609–12 bankruptcy 164
beneficial use 611–12 caveat emptor 612 characteristics 613–40 concurrent leases 642 consent 609–10
contracts 280, 449–50, 610–11, 612 deeds 450
derivative interests 640–2 disclaimer 161
disguised as licences 275–6 distress 286, 288, 293–5 distress for rent 286, 288, 293–5
duration 159, 272, 304, 307, 310, 611, 613 enforcement 611
exclusive possession 274, 275 forfeiture 23, 162, 288
Index 719
fragmentation of ownership 304 licences distinguished 271–8 non-proprietary interests 612, 636–8 non-proprietary terms 646–7
oral contracts 449–50 possession 611 privity of estate 645 property law 613–48 proprietary status 612 registered land 540 self-help remedies 286 term of years 213
see also tenancies legal interests
deeds 450 enforcement 513
equitable interests distinguished 311–14, 452 goods 313
land 313 ownership 404 priority 514 registered land 452
legal mortgages 542, 660, 662–3, 665–7 legal realism 327, 329, 330
legal title
equitable title compared 403–5 formalities 453
see also title legislation
estate owners 214, 215 ownership 215–16 public nuisance 218 security interests 672–3
liabilities
bailment 612, 651–2 contracts 22
duty to sell 25 execution 200–1
limited liability companies 321, 322, 324–5 ownership divested 24
post-assignment 646, 648 powers compared 31–2 rules, entitlements 227, 240–2 trustees 334, 336
licences bankruptcy 164 contracts 273 duration 273 enforcement 282
exclusive possession avoided 275–6 implied licence doctrine 408
leases distinguished 271–8 scope 273
specific performance 160–1 tenancies distinguished 273–6
licensing control 5, 7
intellectual property 15 liens 665
life estate, duration 213, 309 limitation of actions
conversion 444–5
extinguishment of title 391–3, 406, 409 goods 393, 444–5
public policy 445 recovery of possession 406
liquidation 337–8 livestock 124–7 local authorities
adverse possession 431–2 residential property 637
Locke, John
adverse possession 411, 414–15 commons 84
entitlements 414–16, 421–2
labour/just acquisition 13, 14, 83, 84–7, 89, 92, 112, 122
moral justification 81–2
original acquisition 83–4, 86, 112, 113 political theory 82, 113
present relevance 90–1 property rights 10, 59, 81–106 spoilation proviso 83, 89–90 substance 191
sufficiency proviso 83, 87–9 theology 82, 90, 92
locus standi bailment 655 conversion 284–5
private nuisance 220–2 trespass 285–6
lodgers, long-term 220, 221 long user
acquiescence 497–8 custom 454 entitlements 490–2 evidence 496 negative uses 494–6
neighbouring land, support 493, 496, 498–9 original legitimacy 492, 497
payment 491–2
prescription 454, 489–91, 494–7 prospect 496, 497
rationale 492–4 losses
deadweight losses 133 title to goods 283
Lueck, Dean 108–9, 113, 124 Luther, Peter 581, 584
McChesney, Fred S. 42–5
McMeel, Gerard 654, 656 McNeil, K. 145
Macpherson, C. B. 373, 374, 375, 602 Maitland, F. W. 287, 449, 678 management
incidents of ownership 5, 6, 7, 194, 198 productivity, incentive 346
720 Index
management (cont.) right to manage 196 trusts of land 342 see also control
management companies, nemo dat rule 276 managerial property holding
fragmentation of ownership 333–9 trusts 332–5, 333
Manchester, A. H. 670
Markesinis and Deakin 220, 222, 232–3 marketability
registered land 538, 540, 546 restrictive covenants 252
markets
labour markets 72 market overt 397–8
role, private nuisance 225–6 Marshall, Alfred 328 Marshall, John 120
Marx, Karl 53, 74, 79 matrimonial home
actual occupation 560 co-ownership 342, 596–8 deserted wife’s equity 353–6 equitable interests 312–13 joint ownership 573
legal advice 456–7
occupation 312–13, 353–6, 560 property rights 5–6, 353–6 statutory rights 354
Matthews, Paul 601
Means, Gardiner C. 322, 323, 325–32 Megarry, R. 195, 618
Melamed, A. Douglas 226, 227, 228, 229, 230, 238–9, 415, 491
Melville, Herman 121, 132 Merrill, Robert 110–11, 412, 415,
420, 442 Michelman, Frank 41
mightiest possession 110, 115, 116, 118 migratory resources 117, 128
Mill, John Stuart 86–7, 109, 410–11 mistake, loan agreements 460–1 Moffat, G. 353
Mokal, Riz 661, 662 money
intangible money 399 meaning 398–9
nemo dat rule 398–402 physical money 398–9
Mortensen, D. T. 116 mortgagees
constructive trusts 333 conversion 284–5
due diligence 686 duty of care 687–8 powers 24
self-help remedies 286 mortgages
abandonment 691–2 arrears 688–91 deeds 452 enforcement 687–95
equitable 452, 474, 664
equity of redemption 666, 669, 673–80, 685 formalities 452, 459
goods 664
indemnity insurance 694–5 insolvency 163–4
interest rates 669, 671, 672 legal 542, 660, 662–3, 665–7 loss recovery 695
mortgage by demise 666–7, 685 overreaching 526–7
possession 626, 685–6, 691–5
powers of sale 397, 658, 686–7, 693–5 priority 514
property transfer 663–4, 666 receivership 684–5 registered land 542, 665–6
residential property 660, 662–3 shipping 538, 655
undue influence 456–7 Munzer, S. 206–8, 227
native title abandonment 174 alienation 173 annexation 178
Australia 149–52, 169, 173–9 bundles of rights 175 Canada 179, 280
certainty 176 characteristics 173 extent 175
particular use rights 280 proprietary rights 176–8 subject matter 176 variation 174
see also aboriginal populations natural law 82, 83
natural products capture 117, 128–38
migratory resources 117, 128 new things 122–7
natural resources exploitation 85–6 no-property 84 subsistence 89
Neave, M. A. 312 neighbouring land
encroachment see adverse possession private nuisance 219
support 493, 496, 498–9 nemo dat rule
acquisition of title 384–6 after-acquired property 402 alienation 303
Index 721
bona fide purchaser 400–2 case law 399–402 co-ownership 599
derivative interests 394–5, 402–3 estoppel 396, 402–3, 636, 637 exceptions 397–8
general principles 396–7, 402 goods 397–8
land 402–3
management companies 276 money 398–402
occupation 276
powers of sale 24, 396–7, 687 property law 391–403 public policy 393 registration 396–7
scope 394–5 security interests 658 theft 398, 399–402 volunteers 396
see also title
new property interests
comparative confirmation 368–71 deserted wife’s equity 353–6 economic critique 368–71
new property thesis 373–6 quasi-property 376–8 recognition 345–79
reluctance to recognise 346–7, 356–68
Victoria Park Racing case 356–68, 377 new things 122–8
New Zealand 439 no-property
communal property distinguished 37, 38, 75–6 natural resources 84
ownerless things 36–7 Nolan, R. C. 51, 335
nomadic land use 112, 139, 143, 265 non-fungibles 52
non-owners 180–1, 186 non-proprietary interests enforcement 155–6
leases 612, 636–8 non-use 161, 174, 187 norms, whaling 128, 132–8 North Sea oil and gas 75 notice
bona fide purchaser 514, 515–23 constructive notice 516–18 enforcement 12, 519
imputed notice 516, 517 meaning 516–18 occupation 562–3 registered land 543, 558 restrictive covenants 252
notice to quit
periodic tenancies 616–18, 622 repugnancy 617
Nozick, Robert 85, 87–8, 99–104, 121, 417, 421
nuisance
ownership 217–50
private see private nuisance public 218
numerus clausus 159–60, 347
occupation
aboriginal populations 112, 120–1, 138–52, 173–9
actual occupation 560–5 co-ownership 591–3 constructive notice 518 first see first occupancy joint interest 275
matrimonial home 312–13, 353–6, 560 minors 563–4
nemo dat rule 276 non-residential premises 561 notice 562–3
occupying beneficiaries 525–7 overriding interests 558–65 part occupation 564–5 personal occupation 561 physical presence 560
possession compared 273–6, 628–92 premature 116–18, 128
reserved rights 275
rights, causal connection 559, 562 sham rights 275, 278
statutory rights 627 offences see criminal liability operation of law
tenancy at will 619, 622, 628 transfer 454
option to purchase exercise 25–6, 336 expiry 336 formalities 479, 480 grant 25
original acquisition
title 83–4, 86, 112, 113, 384–6
see also first occupancy; first taking outer space 372–3
overreaching conveyancing 524
equitable interests 523, 524 extinguishment 524 meaning 523–4
mortgages 526–7
occupying beneficiaries 525–9 operation 524–5
registered land 543, 554 trusts 514, 524–5, 543, 544
overriding interests 1925 Act 558–61
2002 Act 556–7, 562–5 Boland case 559–61 capital interest 11–12 complexity 565
722 Index
overriding interests (cont.) discoverability 554–5, 558 easements 557–8 justifications 554–5 occupation 558–65 principles 555–6
profits a prendre 557 registered land 543–4, 554–66 rights covered 559
transient 555 owners
attributes 186 identification 207 pledges 215
sale of goods 216 severalty 207 types 185–6
ownership
amorphous notion 216–17 attributes 186
basis 180–2 body cells 4–16
bundles of rights 183, 184, 187, 190, 194 characteristics 180–92
chattels 215, 574, 594–5, 599 communal see communal property contents 192–211
contested concept 217 contradictions 184–5
corporate see corporate ownership Crown 146, 308
difficulties 182–6 disagreements 183–4 division 185–6
economic efficiency 79–81 equitable interests 404, 478
fragmentation see fragmentation of ownership group ownership 339–42
joint tenancy see joint ownership land 213–15
legal interests 404 legal systems 7–10
legal term of art 212–16 legislation 215–16 liberalism 184 limitations 217–50 market economies 10–11 meaning 182–3 nuisance 217–50 organising idea 216–17
ownership in common 340, 341 perpetual see perpetual ownership possession compared 259–61 private see private property
proof 260 roles 212–17
shares 186, 322–3, 324
standard incidents see incidents of ownership substantial use 114–15
things 181–2
trusts 185, 187, 215–16
see also co-ownership; property rights
Palmer, N. E. 655 Pareto efficiency 49, 420 particular use rights
aboriginal populations 280 communal property 40, 279 compatibility 279–80 duration 310
easements 279–80, 343, 347 estates 310
fragmentation of ownership 342–3 grant 496–8
meaning 278–9 negative uses 495–6 possession 278–80
prescription 310, 491, 494–5 profits a prendre 279
partnerships 324, 681–2 passing off 377–8 pawn 664
Penner, J. E. 205
Perillo, Joseph 457, 458, 459 periodic tenancies
certainty 617–18 characteristics 616–17 contracts 616–18 duration 310, 619–20 meaning 272
notice to quit 616–18, 622 rent 472, 622, 628 security of tenure 617, 618 termination 616–18
perpetual ownership
private property 86, 87, 146 see also duration
perpetuities 311
personal representatives 336–7 personal rights
enforcement 155, 160, 164–6, 274, 347 matrimonial home 5–6
specific performance 160 personal use 5, 6–7, 177, 195 personhood 54–5, 414, 422–3 Pigou, A. C. 76
Pitchford, Rohan 129–30, 131 pledges 215, 626, 664
Pollock, Frederick 195, 261, 262, 263, 287, 419, 449 pollution
control rules 244–9 permits 371 polluter pays 123
private nuisance 244–9, 627 tragedy of the commons 63–4 transaction costs 246–8
Posner, Richard A. 49, 225, 235–7 possession
Index 723
acquiescence 263–4 acquisition of title 406–47 adverse see adverse possession animus possidendi 261 bailment 280–2, 611, 653–4 characteristics 259–73 control 262–6
conversion 284 custom 119 determination 212 dispossession 392 due process 290
entitlements, justification 406, 410–11 exclusive occupation 274
finders 266, 386, 445–6 first see first occupancy goods 280–2, 443–7 grant 625–33
incidents of ownership 5, 194–5 intention 266–7, 408
joint ownership 577 land 271–80
leases 611
meaning 259, 261–73
mightiest possession 110, 115, 116, 118 mortgages 626, 685–6, 691–5
nature of thing 264–5 nomadic land use 265
occupation compared 273–6, 628–32 ownership compared 259–61 particular use rights 278–80
pledges 626, 664 present interests 298–9 property rights 259–98 protection 282–92 rights in rem 194
self-help remedies 286–92 squatters 263, 288, 386, 392 surrender 148, 174, 691–2
title 384–6, 389–90, 406–47, 454 trespass to land 262, 263, 283 trusts of land 626–7
powers abandonment 22 co-ownership 39 definition 22 forfeiture 23
liabilities compared 31–2 mortgagees 24
non-use 187
privileges distinguished 22, 23 powers of sale
mortgages 397, 658, 686–7, 693–5 nemo dat rule 24, 396–7, 687 options 25, 26
proceeds 694 when arising 686–7
when exercisable 687 pre-emption
explanation 482–3 first refusal 480
future interests 301–2, 479–80 investment 113
prescription
adverse possession distinguished 489–90 easements 490, 493, 542
efficiency 490–1 law reform 498–9
long user 454, 489–91, 494–7 particular use rights 310, 491, 494–5 presumed prior grant 493–4, 498 revolting fiction 493–4
Sunningwell case 171, 172, 490, 494, 497, 499–507
present interests
fragmentation of ownership 297–311 in possession 298–9
priority
derivative interests 394, 395 enforcement 512–36 equitable interests 514
first occupancy 113–15 first taking 416–17 legal interests 514 mortgages 514 registered land 554 registration 514–15 rules 512–15 subsidiary interests 512
privacy and registered land 539 private nuisance
allocation, entitlements 224–6 cricket 228–31
damages 229 encroachment 219 injury to land 219
interference with land 219–50 law reform 221
locus standi 220–2 malice 223 meaning 218–19
neighbouring land 219 pollution 244–9, 627 private property 220–4 public policy 226 requirements 219–20 role of market 225–6
television reception 222–3 traditional criteria 224 what is protected 222–4
private property alienation 23, 159 co-ownership 339–42
communitarian objection 112 conceptual definition 191–2 economic analysis 66–74 free-riders 80
internalisation 66–7, 70
724 Index
private property (cont.) legal relations 189–90 Locke (John) 81–106 Marxism 79
perpetual ownership 86, 87, 146
private nuisance 220–4
public property distinguished 35 scepticism 189–91
wealth amassed 71 profits a prendre
custom 169 duration 310
overriding interests 557 particular use rights 279
proof
adverse possession 417–20, 436–8
ownership 260 proof of title
possession 389–90 property law 387–93 provenance 390–1 registration 388–9, 537 unregistered land 391 see also title
property
communal see communal property dynamic nature 348–52
dynamic relationships 24–6 function 345–6
future of property 371–9 identification 484 meaning 206–7
moral justification 81–2, 346 personhood 54–5, 414, 422–3 private see private property relationship/things 17 requirements 347–8
scarcity 54, 59–61, 344, 346 time and property theory 421–3 unascertained 484–8
see also things property interests
abandonment see abandonment acquisition see acquisition of title capital see capital interest certainty 159, 348
characteristics 155–66 continuity 9–10 contracts 471–84
derivative see derivative interests economic analysis 42–50
enforcement 10–12, 155–6, 160, 164–6 equitable see equitable interests
first occupancy 14 forfeiture see forfeiture
fragmentation of ownership 297–344 future see future interests
legal see legal interests markets 252, 512–13 meaning 26 mechanistic quality 9 multiple 10–11, 12
new see new property interests numerus clausus 159–60, 347 overriding see overriding interests property label 345–8
re-entry see re-entry recognition 345–79 skill and labour 10, 13 state property 40 third parties 347
transmission see transmissibility see also property rights
property law Hindu 125–6 issues 3–16 meaning 17–58 natural law 82, 83
reform see Law Commission Roman 212–13, 215
property rights
abandonment see abandonment air 371
body cells 8–16
claim-rights 20, 84, 189, 206, 208 colonisation 138–52
communal see communal property consent 83
constraints 14–16 conversion 8 dangers 346–7 disabilities 24, 33 disclaimer 161
duties 20, 21, 22, 25, 26, 27, 36 economic analysis 42–50 economic justification 59–81 emotional bonds 111, 119 entitlements see entitlements immunities 24, 26, 33 insolvency 163–4
interests see property interests intuitive ordering 108–9 invisibility 455–6
jural relations 26–7
justifications 59–106, 107, 111–12 liabilities see liabilities
libertarian justification 111–12 liberty 84, 87
matrimonial home 5–6, 353–6 meaning 207
natural law 82, 83
no-rights 20, 21, 22, 27–31, 39 opposites/correlatives 19–20 ownership see ownership passing off 377–8
powers see powers
Index 725
private see private property
privileges 20–3, 25, 27–31, 35, 38, 39, 59 protection 282–6
public order 109–10 pyramiding 369
rights analysis 19–25, 27, 36, 39, 61 signalling 110–11
simplicity 110 single systems 78–80
social anthropology 208, 209–10 specific justification 59, 107 specific performance 160–1 spectacles 18
termination 161–3 theft 108, 346–7 things, rights 18–19 torts 282–6, 292–3
tracing into exchange products 12–13 transferability 44–5
types 159–60 vindication 160–1
proprietary interests see property interests Proudhon, Pierre Joseph 189 provenance, proof of title 390–1
public nuisance 218
public order, preservation 109–10 public policy
limitation of actions 445 nemo dat rule 394 private nuisance 226
public property see state property public trusts 605–8
Pufendorf, Samuel 83
quasi-property 376–8
Radin, Margaret Jane 54–5, 411, 414–15, 421–5 Rawls, John 74
re-entry
appurtenant rights 162 forcible entry 291 forfeiture 162, 163, 288–90
reasonableness and interference with land 219–20, 223
receivership and mortgages 684–5 recovery of possession
direct actions 282, 283 limitation of actions 406 possession orders 686, 691
registered land
adverse possession 407, 412–13, 428 Australia 49, 544, 546, 548 boundaries 541
cadastral systems 538–9, 540, 546–8 comprehensiveness 539–40 compulsory registration 540 curtain principle 544
easements 542 enforcement 553–4
England 539–53 Europe 538–9, 546–7
first registration 548–51, 666 fraud 453
indemnities 566–8 insurance principle 544 invalidity 546
leases 540
legal interests 452 marketability 538, 540, 546 mirror principle 544 mortgages 542, 665–6 New Zealand 439 non-registration 545–6 notice 543, 558 overreaching 543, 554
overriding interests 543–4, 554–66 prejudicial information 539 priority 554
privacy 539 protection 541, 542–3
registrable disposition 545 registrable interests 541–4, 553 restrictions 543
squatters 441 stale claims 433–5
substantive registration 541–2 surveys 434
title, indefeasibility 440–2 voluntary registration 539–40
registration commons 169 data collection 460
enforcement 514–15 formalities 451–2 nemo dat rule 396–7
non-registration, consequences 545–6 off-register dealings 515
priority 514–15
proof of title 388–9, 537 property law 537–68 purposes 537–9 rectification 396
shipping 451, 455, 537–8, 545 volunteers 396
Reich, Charles 373, 374, 375 remainder interests 298–9, 302, 305 remedies
conversion 285 damages see damages
security interests 660, 684–5 self-help see self-help remedies trespass 286
rent
distress for rent 286, 288, 293–5 fixed-term tenancies 615–16 periodic tenancies 472, 622, 628
rentcharges 542 repairing covenants 272
726 Index
residential property
alienation, restrictions 642–3 bankruptcy 51–2, 64 eviction 290–1
flats 614–15 harassment 291 housing trusts 637–8 local authorities 637 mortgages 660, 662–3
possession orders 686, 691 repairs 637, 638
secure tenancies 637 social landlords 275 squatters 431
restrictions
alienation 22–3, 642–4 co-ownership 592–3 future interests 311 registered land 543 self-help remedies 290–1
restrictive covenants building schemes 252
case law 250–4, 256–8, 349–52, 614 contractual limitations 250 discharge/modification 252–3, 255 dominant/servient tenements 349–50 enforcement 250–2, 614 marketability 252
negative obligations 251, 495, 496 notice 252
reciprocity 252 recognition 349–50 use 250–8
resulting trusts
creation 318–20, 333, 453 equitable interests 318–20 future interests 299
retention of title 317, 665 reversionary interests 298–9, 302, 304,
305, 641 Rideout, Roger 600 right of entry
interests, condition subsequent 305, 306 re-entry see re-entry
right to light 496, 497 rights of way
appurtenant rights 158–9 implied rights 454 obstruction 38
Robbins, Lionel 42
Roman law, dominium 212–13, 215 Roper, R. B. 538, 544
Rose, Carol M. 112, 119–21, 265, 411, 412, 425–7
Rousseau, Jean Jacques 81, 82
Rudden, Bernard 50, 55–8, 185, 212, 214, 283, 368–71, 518, 559, 572–6, 580
Ruoff, T. B. F. 538, 539, 544 Ryan, Alan 84
Sackville, Ronald 152, 373, 374, 375 sale of goods
contracts 472–3 conversion 284 failed formalities 475 owners 216
unascertained property 484–5 see also goods
sale of land co-ownership 596–9
see also conveyancing; transfer scarcity
economic analysis 42, 44 no-property 76
property 54, 59–61, 344, 346 Schumpeter, Joseph 71 Schwartz, A. 662
Scott, R. E. 661, 662
security and incidents of ownership 197–8 security interests
attachment 658, 660 characteristics 657–97 control 661
creation 658 efficiency 661
enforcement 660, 684–7
equity of redemption 666, 669, 673–80, 685 first recourse 659
forms 663–7 function 658–61 hostage function 660 hypothecations 664–5
interest rates 669, 671, 672 Kreglinger principles 670–2, 677, 684 monitoring 661
mortgages see mortgages nemo dat rule 658 perfection 658
property law 657–97
property retention securities 665 remedies 684–5
rights to redeem 658 self-help remedies 660 signalling 661
statutory intervention 672–3 supply of credit 669–70 terminology 657–8
terms of relationship, control 669–84 use of security 662–3
usury 669, 671, 680–3 security of tenure
commercial leases 616 periodic tenancies 617, 618
Seipp, D. 349 self-help remedies
bailment 286 forfeiture 163, 288–90 leases 286 mortgagees 286, 660
Index 727
possession 286–92 restrictions/deterrents 289–91 security interests 660 survival 286–90
severance
grazing rights 170–1
joint ownership 341, 573, 580–2, 584–5 rights of commons 168
statutory 584–5 shareholders
limited liability 321, 322, 324–5 partnership law 324
share ownership 186, 322–3, 324 share transfer 451
shipping bailment 655 bulk cargo 574
charterparties 350–1, 655 equitable interests 538 mortgages 538, 655
registration 451, 455, 537–48, 545 wrecks 161
Simpson, A. W. B. 617, 619–20, 628, 674 slavery 371–2
Smith, Adam 53, 321, 322 Sokol, Mary 349
sovereignty and property rights 118, 145–7 specific performance 160–1, 162, 471, 472–3 spoilation proviso 83, 89–90
squatters good/bad 435–6
neighbouring landowners 431 possession 263, 288, 386, 392 registered land 441 residential property 431 trespass to land 263, 386
see also adverse possession Sreenivasan, Gopal 84
stale claims 433–5 stamp duty 459
standard incidents see incidents of ownership state property
communal property distinguished 37 meaning 35
property interests 40 status rights
duration 161 inalienable rights 158
statutory tenancies, status rights 158 Stevenson, Glenn G. 40, 61, 76, 78 Stiglitz, J. 116
Stillman, Peter G. 181
subject matter, identification see identification of subject matter
successive interests creation, restrictions 311
tenures and estates 307–11 trusts 303–4, 305
sufficiency proviso 83, 87–9
Sugarman, David 669, 673–80 surrender 148, 174, 691–2 Swadling, William 655
Swan, C. J. 349
Tawney, R. H. 189 television reception
communal property 37, 38 externalities 45
free-riders 48 holdouts 48
private nuisance 222–3 privilege 36, 38 transaction costs 47
tenancies
by estoppel 402, 636 exclusive possession 274
fixed-term see fixed-term tenancies licences distinguished 273–6 periodic see periodic tenancies repairing covenants 272 short-term 555
statutory protection 272 statutory tenancies 158 see also leases
tenancy at sufferance 273, 310, 619 tenancy at will
characteristics 618–19 duration 310, 618 meaning 273
operation of law 619, 622, 628 tenancy in common 340 tenures and estates
classification 308–9 successive interests 307–11
term of years 213 termination
derivative interests 641 fixed-term tenancies 616 periodic tenancies 616–18 property rights 161–3
terra nullius doctrine 140–5 theft
bailment 281, 610 conversion 285, 347 criminal liability 444
nemo dat rule 398, 399–402 property rights 108, 346–7 trespass to goods 285
things conceptualisation 18
exchange value 53–4, 57 functions 50, 57 fungibles/non-fungibles 52, 55
identification of subject matter 156 intangibles see intangible property new things 122–8
ownerless things 35–6 ownership 181–2
728 Index
things (cont.) possession 264–5
property/personhood 54–5 rights 18–19
subjects of property 17 use/purpose 265 use/value 53–4, 57 wealth 50–2, 56
see also goods third parties
adverse possession 409–10 bailment 655
ius tertii 393 non-enforceability 452 property interests 347 title 393
time
fragmentation of ownership 50, 298, 299, 303
joint ownership 578
time and property theory 421–3 see also limitation of actions
title
aboriginal see native title acquisition see acquisition of title barter 118
disposition 384
equitable interests compared 317–18 equitable title 403–5 extinguishment see extinguishment factual control 262–6
first taking see first occupancy grant see grant
joint ownership 578 legal title 403–5, 453 meaning 383
nemo dat see nemo dat rule
possession 384–6, 389–90, 406–47, 454 proof see proof of title
property law 383–405 radical title 146
relativity 383, 386–7, 393, 405, 441 sovereignty distinguished 145 third parties 393
trustees in bankruptcy 338, 454 see also entitlements
torts
conversion see conversion goods 282–3, 444
interference with goods 283, 285, 393, 599 nuisance see private nuisance
passing off 377–8
property rights 282–6, 292–3 role 282–3
scope 283–6
unlawful eviction 290, 291 trademark dilution 131, 132 tragedy of the commons 60–5, 168 transaction costs
collective action 47–8 economic analysis 47–9, 225–6 first occupancy 114 free-riders 48
holdouts 48
imperfect information 47 pollution control 246–8
transfer
equitable title 404 operation of law 454 rights, transferability 44–5 shares 451
transmissibility
exchange products 12–13 incidents of ownership 5–6, 198–9
trespass to goods bailment 286 damage 284
locus standi 285–6 scope 285
trespass to land criminal liability 292 locus standi 285–6
long user compared 494–5 possession 262, 263, 283 scope 285
squatters 263, 386 tolerated 627, 633–5
trustees
co-ownership 341–2 expenses 335
fraud 516, 519–22 joint ownership 573–4 liabilities 334, 337
supervisory jurisdiction 334 trust property 312, 334 two-trustees rule 529
trustees in bankruptcy 338, 454 trusts
assets 312, 334, 335 co-ownership 11, 341–2
constructive see constructive trusts creation 333
determinable interests 305 equitable interests 312, 314, 514 fluctuating assets 157, 335 fragmentation of ownership 333–5 life estate 309
managerial property holding 332–5 overreaching 514, 524–5, 543, 544 ownership 185, 187, 215–16 public trusts 605–8
purposes 333
resulting see resulting trusts settlors 334
successive interests 303–4, 305 wills 334
see also beneficiaries trusts of land
Index 729
beneficiaries 626–7 co-ownership 341–2, 591 declarations of trust 450 evidence 450 management 342 overreaching 524–5, 543 possession 626–7
Tully, James 84, 87
Turner, Richard 674, 675, 677
Ulen, Thomas 129 unascertained property 484–8
unincorporated associations 599–604 United States
aboriginal populations 112, 120–1 first occupancy 112, 116, 118, 121–2
unowned property see first occupancy; first taking
unregistered land 391, 407, 433 use
anomalous use rights 627 beneficial use 611–12 communal property 40, 279 general see general use rights interference 219–50
nomadic land use 112, 139, 143, 265 non-use 161, 174, 187
religious observance 178 restrictive covenants 250–8 substantial use 114–15 things, purpose 265
use and enjoyment 5, 6–7, 177, 195, 222–3 value 53–4, 57
see also long user; prescription usury 669, 671, 680–3
utilitarianism
adverse possession 411, 414, 423–4 Bentham (Jeremy) 111, 184, 220,
349, 376
value
dissipation 116, 118 efficiency 48–9
future value 112–13, 116 labour 85, 86
maximisation 43, 46, 48, 66, 70 use/exchange 53–4, 57
Veblen, Thorstein 327, 328 volunteers 396
Wade, H. W. R. 195, 618
Waldron, Jeremy 78–9, 84, 89, 121, 183, 184, 189–92, 216, 217, 323–4, 374
Warrington, Ronnie 669, 673–80 water/diamond paradox 53–4 wealth
maximisation 133 private property 71 things 50–2, 56
Weir, Tony 284, 285, 292–3 whaling 128–9, 132–8 Whelan, F. G. 183, 184 White, J. J. 661, 662 Whiteman, J. 222
wild animals 128–38 Wittgenstein, Ludwig 210 Wright, R. S. 195, 261, 262 Wu, Tang Hang 498, 499
Zerbe 122