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Property law in the United States is the area of law that governs the various forms of ownership in real property (land and buildings) and personal property, including intangible property such as intellectual property. Property refers to legally protected claims to resources, such as land and personal property. [1]
The bundle of rights is a metaphor to explain the complexities of property ownership. [1] Law school professors of introductory property law courses frequently use this conceptualization to describe "full" property ownership as a partition of various entitlements of different stakeholders.
At that time, people used land trusts to hide their ownership of land so they would not have to serve in the military or fulfill other obligations of land ownership. For example, an elder uncle would hold his nephew's land so he would not have to join the king's army. To end this, King Henry in 1536 passed the Statute of Uses. The statute ...
Property law is the area of law that governs the various forms of ownership in real property (land) and personal property. Property refers to legally protected claims to resources, such as land and personal property, including intellectual property . [ 1 ]
Ownership is the basis for many other concepts that form the foundations of ancient and modern societies such as money, trade, debt, bankruptcy, the criminality of theft, and private vs. public property. Ownership is the key building block in the development of the capitalist socio-economic system. [1]
Private property access, use, exclusion and management are controlled by the private owner or a group of legal owners. [9] This is sometimes used interchangeably with private good. [ 17 ] An example would be a cellphone as it only one person may use it, making it rivalrous, and it has to be purchased, which makes it excludable.
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Some forms of private property are uniquely identifiable and may be described in a title or a certificate of ownership. The rights to a property may be transferred from one "owner" to another. A transfer tax is a tax on the passing of title to property from one person (or entity) to another. An owner may request that, after death, private ...