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Understanding Property Law Principles
Oct 10, 2024
Lecture Notes: Property Law - Professor Richard Epstein
Introduction to Property Law
Episode of the number 86 lecture series with Professor Richard Epstein.
Focus on how common law principles address complex social and technological challenges.
Professor Epstein: Inaugural Lawrence A. Tisch Professor of Law at NYU; Senior Fellow at Hoover Institution; Law Emeritus at University of Chicago.
The Federalist Society takes no position on specific legal or public policy issues; opinions are of the speaker.
Key Questions on Property
What is property?
What rights are inherent in ownership?
How is ownership established?
Misconceptions about Property
Conventional wisdom views property as arbitrary rights/duties, changeable by the state.
Correct view: Property should be recognized as a system of first possession that provides a useful bundle of rights for maximum development and use.
Dimensions of Property
Duration
: Property must be infinite in duration to allow for development.
Three Dimensions
: Ownership includes soil, depths, and air (allows integration of uses such as mining, building, etc.).
Disposition
: Property can be divided in various ways (leases, life estates, mortgages) to facilitate greater social gains from trade.
Use of Property
Owners can use property as they please, as long as others are not harmed.
Property use must adhere to boundary constraints (e.g., not causing nuisances).
Right to exclude others is universally accepted; the right to use is more controversial but essential for property value.
Key Cases in Property Law
Pearson v. Post
: Discusses ownership acquisition of a fox based on first possession.
Jacques B. Steenburg
: Focuses on exclusivity and necessity in property use.
Rule Against Perpetuities
: Government limitations on property division over time.
Mortgages and Foreclosure
: Protection rules for property owners during foreclosure.
Neponset Case
: Governance structures in planned unit communities.
Government Interference in Property
Government can disrupt voluntary arrangements, affecting leases and mortgages.
Examples:
Implied warranty of habitability can shut down the voluntary market due to stringent standards.
Rent control can prevent property movement to higher-value uses.
Acquisition of Property
Different rules apply to different types of assets (land vs. chattels).
Basic rules:
Occupy and mark boundaries for land.
Capture wild animals for ownership.
Differentiate rules for land vs. animals (e.g., fox vs. whale).
Common Pool Problem and Conservation
Addressing overhunting and resource depletion requires state intervention to limit captures.
Closed vs. Open Commons
: Closed commons can be stable if controlled, while open commons are prone to overconsumption.
Historical Property Acquisition
Historically, property was acquired through conquest (e.g., William the Conqueror).
Current systems of leasing reflect similar hierarchical structures.
Property Disputes and Transfers
Adverse possession: original owners can reclaim property if action is taken within a statute of limitations.
Rule of
Prior in Time is Higher in Right
: Establishes ownership hierarchy.
Doctrine of Just Tertia
: Protects adverse possessors against claims of former owners.
Division of Property Rights
Different arrangements for concurrent ownership (joint tenancy vs. tenancy in common).
Joint tenancy often involves survivorship rights.
Governance duties in shared ownership arrangements must be defined through contracts.
Modern Lease Relationships
Different types of leases (bare possession vs. service arrangement).
Obligations of landlords and tenants can become interdependent.
Complexity arises in remedies for breach of lease agreements.
Conclusion
Property law encompasses a wide range of principles and rules that govern ownership, use, and disputes.
Emphasis on understanding both historical context and modern applications in property law.
Further Resources
Subscribe to the number 86 lecture series for more insights on property and common law.
Visit
fedsoc.org/number86
for more lectures and videos.
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Full transcript