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The histories of rights to minerals, range, timber land, fishery and crude oil production in the U.S. are examined to reveal the problems encountered in negotiations among claimants and the political and economic considerations that influence property rights arrangements.
Law of Property Rights Protection: Limitations on Governmental Powers, Third Edition is a comprehensive, up-to-date review of the on-going battle between government's desire to regulate and limit private property use, and property owners' equally powerful desire to avoid economically damaging or unreasonable or unconstitutional limitations. Federal, state, and local governments often wish to restrict or condition uses of private property, while private property owners wish to avoid or seek compensation for such regulatory controls. This battle between property and regulation is one of the most emotionally charged and fiercely contested issues in contemporary law. An enormous amount of litigation, at both the federal and state level, has stemmed from questions surrounding the extent to which government may restrict or even prevent certain private property uses. The relevant law is constantly changing and evolving, so count on the Law of Property Right Protection to bring you completely up to date. The book is organized according to the many ways that government powers over private property are limited, by the federal and state constitutions, the common law, and equitable principles and has been cited by the United States Supreme Court, federal courts, and state appellate courts. Law of Property Rights Protection: Limitations on Governmental Powers, Third Edition: Analyzes relevant and current case law, and identifies (1) which challenges by private property owners were successful, (2) what facts seemed compelling to reviewing courts considering property-restrictive regulations, and (3) what arguments by property owners tend to fail in the eyes of reviewing courts. Offers advice on which property-protective provisions in constitutional law maximize the likelihood of a successful challenge to restrictive regulations, as well as advice on how to mount a legal challenge which will not be dismissed on jurisdictional or procedural grounds. Considers all of the primary limitations on government regulations of property - Takings; Due Process; Contracts Clause; Equal Protection; the Vested Rights Doctrine; Anti-Retroactivity Presumptions; Internal Limits on the Police Power Includes the full range of property interests - such as real property; contract rights; leasehold rights; unpatented mining claims; water rights; intellectual property; rights of access and entry; royalty rights; all forms of intangible property interests Using Laitos' strategic approach, and easy-to-follow organization, this book will help you formulate arguments and challenges which may overcome or invalidate onerous regulations on the use and enjoyment of private property. Note: Online subscriptions are for three-month periods. Previous Edition Law of Property Rights Protection: Limitations on Governmental Powers, Second Edition, ISBN 9781543802368
In this paper we propose a theory of optimal property rights in a financial contracting setting. Following recent contributions in the property law literature, we emphasize the distinction between contractual rights, that are only enforceable against the parties themselves, and property rights, that are also enforeceable against third parties outside the contract. Our analysis starts with the following question: which contractual agreements should the law allow parties to enforce as property rights? Our proposed answer to this question is shaped by the overall objective of minimizing due diligence (reading) costs and investment distortions that follow from the inability of third-party lenders to costlessly observe pre-existing rights in a borrower's property. Borrowers cannot reduce these costs without the law's help, due to an inability to commit to protecting third-parties from redistribution. We find that the law should take a more restrictive approach to enforcing rights against third-parties when these rights are i) more likely to redistribute value from third-parties ii) less likely to increase efficiency, and iii) more costly for third-parties to discover. We find that these qualitative principles are often reflected in observed legal rules, including the enforceability of negative covenants; fraudulent conveyance; corporate veil-piercing; and limits on assignability.
In this paper we propose a theory of optimal property rights in a financial contracting setting. Following recent contributions in the property law literature, we emphasize the distinction between contractual rights, that are only enforceable against the parties themselves, and property rights, that are also enforeceable against third parties outside the contract. Our analysis starts with the following question: which contractual agreements should the law allow parties to enforce as property rights? Our proposed answer to this question is shaped by the overall objective of minimizing due diligence (reading) costs and investment distortions that follow from the inability of third-party lenders to costlessly observe pre-existing rights in a borrower's property. Borrowers cannot reduce these costs without the law's help, due to an inability to commit to protecting third-parties from redistribution. We find that the law should take a more restrictive approach to enforcing rights against third-parties when these rights are i) more costly for third-parties to discover, ii) more likely to redistribute value from third-parties, and iii) less likely to increase efficiency. We find that these qualitative principles are often reflected in observed legal rules, including the enforceability of negative covenants; fraudulent conveyance; corporate veil-piercing; and limits on assignability.
Abstract: This paper is motivated by the emphasis on secure property rights as a determinant of economic development in recent literature. The authors use village and household level information from about 800 villages throughout China to explore whether legal reform increased protection of land rights against unauthorized reallocation or expropriation with below-average compensation by the state. The analysis provides nation-wide evidence on a sensitive topic. The authors find positive impacts, equivalent to increasing land values by 30 percent, of reform even in the short term. Reform originated in villages where democratic election of leaders ensured a minimum level of accountability, pointing toward complementarity between good governance and legal reform. The paper explores the implications for situations where individuals and groups hold overlapping rights to land.