I. Property 1 A. Definition 1

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I. Property 1

A. Definition 1

B. Possession 1

C. Purpose of system of property 1

II. Efficiency Theories 2

A. Pareto 2

B. Hicks 2

C. Coase Theorem 2

D. Schlag 3

III. Allocating Resources Among Competing Claimants 4

A. Property 4

B. Acquisition by capture 4

C. Acquistition by discovery? 5

D. Acquisition by conquest? 5

IV. Economic Analyses of Property Rights 6

A. Demsetz 6

B. Two types of externalities 6

V. Adverse Possession 7

A. Theory 7

B. Purpose / Justification? 7

C. Requirements 7

D. Actual entry giving exclusive possession 7

E. Open and notorious 7

F. Adverse and under a claim of right? 8

G. Continuous, uninterrupted possession 9

H. Disabilities of owner 10

I. Extent of land acquired through adverse possession 10

J. Interests not affected by adverse possession 10

K. Liens, easements, equitable servitudes 11

L. What about bilateral monopoly? 11

M. Three states of mind for claim of title 11

N. The state of mind actually required will depend on what we think the purpose of adverse possession is 11

VI. Estates in Land 12

A. Fee Simples 12

B. Defeasible Fee Interests 12

C. Fee tails 14

D. The Rule Against Restraints on Alienation 15

E. Life Estates 15

VII. Future Interests 18

A. The Trust 18

B. Future Interests in the Transferor 18

C. Future Interests in the Transferees 19

D. Restraints on Alienation 20

VIII. Concurrent Ownership 23

A. Categories 23

B. Relations and duties of co-tenants 25

IX. Condominiums and Cooperatives 28

A. Condos 28

B. Cooperatives 30

C. Condo Conversion controls 30

X. Landlord and tenant 32

A. Leasehold Esates -- always remember that a future interest arises -- look at it in terms of fairness and efficiency 32

B. Antidiscrimination Law 32

C. Federal Law Prohibiting Discrimination in Housing 33

D. Anti-Discrimination v. Integration -- Starrett City 35

E. Assignments and subleases 35

F. Tenant Obligations and Landlord Remedies 38

G. Landlord Duties and Tenant Rights 41

H. Rent Control 47

I. The Public or Publicly-Assisted Landlord 52

XI. Servitudes 59

A. Easements 59

B. Negative Easements 62

C. Covenants Running with the Land 63

D. Equitable Servitudes 66

E. How to deal with these problems? 67

F. Why aren't equitable servitudes always used? 67

XII. Law of Nuisance 68

A. Definitions and Tidbits 68

B. Morgan v. High Penn Oil Co. 69

C. Tests to determine a nuisance (inconsistent with one another and in application) 69

D. Trespass compared? 70

E. Lateral and subjacent support? 70

F. Remedies for Nuisances 70

G. Boomer v. Atlantic Cement Co. -- CB 969 71

H. Spur v. Del Webb -- CB 976 71

I. Four ways to resolve nuisance claims -- CB 985 72

J. Terminology of Calabresi and Malamed? 72

K. Nuisance law and the environmental movement 73

XIII. Eminent Domain and The Takings Clause 74

A. Taking clause 74

B. Power of eminent domain 74

C. The Public Use Requirement? 75

D. Computing Just Compensation 77

XIV. What is a taking? 80

A. Introduction 80

B. Physical Invasion? 80

C. The Harm Benefit Test 83

D. Diminution of Value 85

E. Property Rights Resurgent? 88

F. Inverse Condemnation 90

G. Lucas v. South Carolina Coastal Council (1992) 91

H. Reasons why takings cases have reemerged? 93

XV. Zoning 94

A. Introduction 94

B. History? 95

C. The nonconforming use CB 1011 95

D. Zoning flexibility devices 97

E. Aesthetic Zoning 101

F. Preservation of community character? 103

G. Exclusionary and Inclusionary Zoning 106

H. Motivation for and Consequences of Inclusionary Zoning 107

I. Mt. Laurel Litigation 109

J. Is Zoning Necessary? 115

I. Property

A. Definition

1. A system of laws which govern the relationship among people with respect to scarce resources

B. Possession

1. Important in determining ownership

a. Easy rule of evidence

i. lower transaction costs

2. Distinguished from Ownership

a. ownership is title

b. possession is proved by showing physical control and the intent to exclude others

3. Constructive possession

a. a person is in constructive possession when the law treats him as if he is in possession although, in fact, he is not or is unaware of it.

i. allows judge to reach desired result
ii. important when you own land but are not in actual possession of it

C. Purpose of system of property

1. need a system of property allocation because of limited resources

2. system of rules gives the owner an incentive to use his property in a constructive way

II. Efficiency Theories

A. Pareto

1. Definied

a. no reallocation of resources will make someone better off without making someone worse off

2. Shortcomings?

a. more than one pareto optimal points

b. very narrow and restrictive view of efficiency

B. Hicks

1. Defined

a. Reallocation of resources such that the people benefited can theoretically compensate those who are harmed and still have some left over --- WEALTH MAXIMIZATION

2. Problems?

a. compensation is only theoretical -- no duty to actually compensate -- politically impossible

C. Coase Theorem

1. Defined

a. in a world of zero transaction costs and clearly defined property rights, the efficient allocation of resources is independant of the distributioin of property rights

2. Other thoughts

a. all harms are reciprocal

b. economic analysis helps us understand what actions the govt can take to reach the efficient result

i. identify the problem and then take appropriate steps
a) imperfect information? Give the people more info and then let bargaining begin?
b) or do you need to pass a law like in Miller v. Schoene?

3. Shortcomings?

a. Distribution effects?

b. Transaction costs

i. if there are alot of people and therefore high transaction costs, you might need a law (entitlement) to achieve the efficient result

c. Strategic bargaining can lead to a breakdown of the theorem

d. free rider problem?

e. Imperfect information?

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