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Property is an institution that occupies a central place in law, politics, economics, philosophy, and everyday life. In The Oxford Introductions to U.S. Law: Property, esteemed professors Thomas W. Merrill and Henry E. Smith provide readers with a coherent and motivated account of how property law works, along with its implications for individual autonomy, personhood, and economic organization.
Chapter 1 The Institution of Property 1
Exclusion and the Bundle of Rights 4
The Thing's the Thing 8
General Justifications, General Concerns 11
Further Reading 16
Chapter 2 Original Acquisition and the Scope of Property Claims 17
First Possession 18
Discovery and Creation 23
Accession 30
Adverse Possession 34
Sequential Possession, Finders, and the Relativity of Title 38
The Mosaic of Acquisition Principles 40
Further Reading 40
Chapter 3 The Domain of Property 43
The Demsetz Theory 43
Personhood 51
Inherently Public Property 55
Hybrid Resources 59
Further Reading 63
Chapter 4 Owners as Gatekeepers 65
Laws for Owner Protection 66
Self-Help 71
Exceptions to the Right to Exclude 74
Necessity 75
Custom 76
Public Accommodation Laws 79
Antidiscrimination Laws 81
Owner Powers 84
Licenses 85
Bailments 87
Abandonment and Destruction 89
Transfer by Sale, Gift, and Inheritance 91
Further Reading 94
Chapter 5 Dividing Property Rights 95
Estates and Future Interests 95
How the System Works 104
Co-Ownership 113
Marital Interests 118
Further Reading 122
Chapter 6 Managing Property 123
Why Separate Management Authority from Other Incidents of Ownership? 125
Leasing 129
Property and Contract 131
Models of the Lease Contract 135
Implied Warranty of Habitability 138
Transferring Leasehold Interests 143
Common Interest Communities 146
Trusts 153
Further Reading 157
Chapter 7 Land Transactions and Title Records 159
Land Sale Contracts 159
Title Records 166
Mortgages 176
Further Reading 181
Chapter 8 Neighbors and Neighborhood Effects 183
The Coase Theorem 185
Tort Liability: Nuisance 192
Modification of Property Rights: Easements 200
Contract: Covenants Running with the Land 207
Public Regulation: Zoning 215
Further Reading 221
Chapter 9 Government Forbearance 223
The General Form of the Problem 224
Sources of Forbearance 229
The Rule of Law 233
Procedural Due Process 233
Vested Rights 236
Stare Decisis 238
Waivers of Sovereign Immunity 239
Explicit Takings 241
Public Use 242
Just Compensation 248
Regulatory Takings 251
Further Reading 258
Index 259
Overview
Property is an institution that occupies a central place in law, politics, economics, philosophy, and everyday life. In The Oxford Introductions to U.S. Law: Property, esteemed professors Thomas W. Merrill and Henry E. Smith provide readers with a coherent and motivated account of how property law works, along with its implications for individual autonomy, personhood, and economic organization.