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Lecture Notes: Introduction

 

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Ownership:

We think of ownership as a bundle of rights:

 

All ownership rights are subject to the sovereign rights of government. (Government can condemn property for a public purpose, appropriating the land. If the government condemns the land and takes it, it is required to pay for the land. Landowners of condemned property can bring the matter to court on the price,but likely can't prevent the taking. In addition, government can control the use of the land, through zoning regulations, building codes, and the like. )

 

Acquiring ownership:

Words and Phrases to Know: alienation, condemnation, appropriation, adverse possession, prescriptive period, tacking, suit to quiet title.