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Property law is characterised by a great deal of historical continuity and technical terminology. The basic distinction in common law systems is between real property (land) and personal property (chattels). Before the mid-19th century, the principles governing the transfer of real property and personal property on an intestacy were quite ...
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 right to property, or the right to own property (cf. ownership), is often [how often?] classified as a human right for natural persons regarding their possessions.A general recognition of a right to private property is found [citation needed] more rarely and is typically heavily constrained insofar as property is owned by legal persons (i.e. corporations) and where it is used for ...
From this has evolved the modern conception of property as a right enforced by positive law, in the expectation that this will produce more wealth and better standards of living. However, Smith also expressed a very critical view of the effects of property laws on inequality: [8] Wherever there is a great property, there is great inequality …
In the context of property law it can be restated as: "In a property dispute (whether real or personal), in the absence of clear and compelling testimony or documentation to the contrary, the person in actual, custodial possession of the property is presumed to be the rightful owner. The rightful owner shall have their possession returned to ...
The enforcement of property law concerning private property is a matter of public expense. Defence of property is a common method of justification used by defendants who argue that they should not be held liable for any loss and injury that they have caused because they were acting to protect their property .
In countries with personal ownership of real property, civil law protects the status of real property in real-estate markets, where estate agents work in the market of buying and selling real estate. Scottish civil law calls real property heritable property, and in French-based law, it is called immobilier ("immovable property").
Historically, the law has given privileged remedies to the holders of property rights over personal claims. These have included priority in payment from an insolvent debtor, a greater likelihood of being awarded specific performance , and security in remaining in possession of land or some other asset against termination of the right to possess.