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e.Locke’stheoryoflaborpropertyrightsareestablishedwhenanindividuallaborsandimprovessomethingwhichhecanthenclaimtobehisown.
2.Whyaresomethingsrecognizedaspropertyandnotothers?
a.Morality
i.Example:
can’tsellbabies
b.Economics
i.Thereisapressuretorecognizepropertyrightswhensomethingisatstake.Whensomethingisinconsequentialitisn’tworththecostforthebenefitofestablishingapropertyright.(i.e.movieticketv.seasonticketstoBrowns).Costbenefitanalysis.
3.Uses/purposesofpropertyrights
a.Encourageinvestment
b.Increasewealth
c.Ameansofsolvingconflictbetweenresourceholders
d.Personalboundaries
e.Solves“tragedyofthecommons”–negativeeffectsfallonfuturegenerationssooverconsumptionbecomesaproblem
f.Internalizingexternalities(makesyoucontemplatehowyourpropertyaffectsothers)
g.Keepsthepeace(economicefficiency–don’thavetospendfreetimedefendingyourproperty)
B.FirstPossession:
AcquisitionbyDiscovery
1.Johnsonv.M’Intosh
a.Facts-PclaimedtitleunderpurchaseandconveyancefromIndians.DclaimedtitleunderalatergrantfromtheU.S.
b.Holding–DhadavalidpropertyrightbecauseIndianslackedsovereigntyandhadamererighttooccupancyasopposedtofirstpossessors.DiscoverygaveU.S.exclusiverighttoextinguishIndiantitleofoccupancybypurchaseorconquest
c.U.S.wasthesolebuyerofland,whichdramaticallydecreasedcosts.
d.RecognizingIndianpossessionandrighttotransfercouldnullifypriorpurchasesofpropertyfromU.S.government.
2.Firstintimetheory–thenotionthatbeingtherefirstjustifiesownershiprights.Havetobefirstpossessors,notmereoccupants.Legitimatesfirstgrabbing.
a.Positivesoftheory-Thistheoryleadstosecurityandtheoreticallyitisaconcreterule.Also,itgivespeopleanincentivetoacquirelandandtoinvestinit.
b.Negativesoftheory–Inordertohaveaclaimyouhavetodocertainthingstotheland.Thefactthatyouhavetodosomuchcouldresultinadetrimenttonature.
3.LaborTheory–Combinesfirstoccupancyintohistheoryoflaborofproperty–whensomeonetakessomethingitislaborandtherebyhemakesithisown
a.Whenyouremovesomethingoutofnatureandmixitwithlaborandeffortandjoinitwithsomethingthatisyoursthenitbecomesyourpossession.
b.Indiansdidn’tputinanadequateamountoflabortoprotecttheirinterestinthelandsincetheyonly“used”it.
c.Ifyoudon’thavethisrule,peoplewon’tgothroughthetroubletolabor.Itwoulddecreaseproduction.
d.Haslemv.Lockwood–Prakedmanurethathadaccumulatedinthestreet,intendingtocarryitawaythenextday.Dfounditandhauleditoffinhiscart.CourtheldforPwhoclaimedtitleasthefirstoccupantbecausehe“hadchangeditsoriginalconditionandgreatlyenhanceditsvaluebyhislabor.”
C.FirstPossession:
AcquisitionbyCapture
1.Piersonv.Post(foxhuntingcase)
a.PwaspursuingafoxwhenD,knowingPwaspursingit,shotthefoxandcarrieditoff
b.Holding-MerepursuitgavePnolegalrighttothefoxsinceoccupancyofwildanimalsisrecognizedbycorporalpossession.
c.Dissent–Reasonableprospectofcapturetest-Peopleshouldhavearighttoanimalsthattheyhaveareasonableexpectationofcapturing.Also,itwascustomofhunterstogiveownershiptothoseinpursuit.Thistestismoreambiguous.
2.FeraeNaturae(wildanimals)
a.Rule-propertyisacquiredbyoccupancyviacorporalpossessiononly.
b.Traps/cages–Oldrule-havetorenderescapeimpossible.Now–justusereasonablemeanstopreventescape
c.Exception–awildbeastthatismortallywoundedorgreatlymaimedcan’tbeinterceptedbyanotherwhilestillinpursuit.
3.Ghenv.Rich(whalehuntingcase)
a.WhalerssuedtorecovervalueofwhaletheyhadkilledandtaggedwhichwasfoundbyDandwhoauctioneditoff.
b.Propertitlebelongedtothewhalersbecausetheyfollowedthepracticeoftheindustryandtaggedthewaitandindoingsotheydidallthatwaspracticableinordertosecureit.IfDwonthenitwouldviolatedLocke’stheoryoflabor.
4.Custom
a.Courtssometimesusecustomwithinanindustryorsporttodeterminewhoistherightfulowner
i.Custommustbeprevalentandproventobeacustom
ii.Rationale–provideshunterswithanincentive.Ifcustomwasn’tabidedby,nobodywouldhuntbecausethepropertycouldbetakenawayorlost.
5.Keeblev.Hickeringill(duckcase)
a.Pownedapondfortherecreationalhuntingofducks.Drepeatedlydroveawayducks.
b.Holding–althoughPdidn’thaveactualpossessionoftheducks,DisstillliablefortheinterferencewithP’soccupation,professionorlivelihood.
i.ItmattersthatitwasP’soccupation.
ii.IfDhadsetupanotherdecoypondtocompetewithP,itwouldbelegitimate
6.InstrumentalGoals-Animals/FugitiveResources
a.ConstructivePossession(Rationesoli)–Conventionalviewthatanowneroflandhasconstructivepossessionofallwildanimalonit.
b.DoctrineofAnimusRevertendi–Ananimalthathasahabitofreturningisstillinpossessionoforiginalownerwhenitwandersoff.(Note–animalmustbedomesticated)
i.Thisruleisanefficientuseofresourcesbecausepeoplecanbuylessland
ii.Ifadomesticatedanimaliswanderinganditisnotyours,yousupposeitbelongstosomeoneelse.
7.OilandGas–canconceptualizeitasawildanimalbecauseitismobile
a.OilorgasunderbothAandB’sland.AhasnorecoveryagainstBifBalsodrillsbecausehehasn’tcaptureit(thisisconsistentwithPiersonv.Post)
i.TheproblemwiththisisthatAcouldbeforcedtopreemptivelydrillforoilanditcouldleadtotheoverexploitationofresources.
ii.Unitization–allownersofoilandgasundermultipleparties’propertyaresupposedtoactasiftheywereoneunit.
iii.UnionOil–suggeststhatAcouldgetaninjunctionagainstexcessivedrilling,butmostcourtsfollowthePiersonrule.
b.IfAdrillsdownanditbottomsunderB’sproperty,Bcouldrecoverontheoryoftrespass.Generally,propertyrightsextendbelowtheland.
8.Water
a.RuleintheEast–Byhavingfirstpossessionoftheparceloflandbytheriver,youhaveriparianrightstousetheriver.Thereisnorealrequirementthatyoucapturethewater.
b.RuleintheWest–priorappropriation–thefirstpersonwhocapturesthewaterandbutsittoreasonableandbeneficialusehasarightsuperiortolaterappropriators.
9.Externalities
a.Definition–WhenXmakesadecisionabouthowtouseresourceswithouttakingfullaccountoftheeffectsofhisdecisionsonotherpersons.Canbeacostorabenefit.
b.Commonownership–commonownershipincreasesexternalitieswhileprivateownershipdecreasesthem.
i.Trees–100membersofatribewith1,000trees.Onepersonwhocutsdownatreegetsallofthebenefitwhilethenegativeeffectsfallalmosttotallyonother.
ii.Factory–Afactorypollutes.Itcostsneighbors$1,000butthepollutercanfixtheproblemfor$500.Thefactorywon’tspendthe$becausethecostfallsonothers.
iii.Positiveexternalityproblems–Tribemembercoulddecidetoplantseedlingsbuthemaynotundertakethecostbecausethebenefitwouldfallonfuturegenerations.
c.Privatepropertycanbeasolutiontoexternalitiesbecauseiftheindividualownsland,hewillefficientlyusehisresourcesbecauseitaffectshisbottomline.
d.Bargaining–partieswillbargaintoanefficientoutcome(i.e.offertopaytostopnegativeexternalities).Oncethereisanoffertostopanegativeexternality,itisnolongeranexternalitybecausethebargainmakesthemtakeintoaccounttheaffectontheother.
i.Costofbargainingfree-riding,sometimehardtodeterminethesourceoftheproblem,transactioncosts
ii.Coasetheorem–ifyoudon’thavetransactioncoststhatareaproble,thenitdoesn’tmatterwhattheruleisbecausepeoplewillfindthemostefficientoutcome.However,theprivatesolutionmaynotworkwhentransactioncostsarehighsolawscomeintosolvetheproblem.
e.Tragedyoftheanti-commons–toomanypeoplehaveasay(i.e.multipleownership)whichleadstounderconsumptionandunderproduction.
D.FirstPossession:
AcquisitionbyCreation
1.Propertyinone’sownideas/expression(InternationalNewsServicev.AssociatedPress)
a.DengagedinsystematicpracticeoftakingthenewsstoriesfrombulletinboardsandearlyeditionsofP’snewspapersandsellingthemasitsown.PsuestoenjoinD.
b.Holding-APhasaquasipropertyrightvisavisacompetitorbutnotthepublicatlarge.Applieswhenthenewsifvaluablebecauseitisfreshandnovel.
c.Quasipropertyisusedinordertoensurethatpartieshaveanincentivetoinvestinthecreationofanewsstory.
2.Propertyinone’sperson(Moorev.RegentsoftheUniversityofCA)
a.Psoughttreatmentforleukemia.DtookbloodandtissuesamplesfromP.Ddidn’ttellPhiscellshadagreatscientificandcommercialvalue.
b.Psuedbasedonconversion(wrongfulexerciseofownershiprightsoverthepropertyofanother)
c.Holding–Phadnopropertyrightbecausehedidn’texpecttoretainhiscellsandthedoctorschangedandaddedvaluetothem.
3.TheRighttoIncludeandExclude
a.Thereisn’tanabsolutepropertyrightint