Ownership in the Context of Property Rights - Explained
How does Ownership related to Property Rights?
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What is Ownership of Property?
Property is any tangible or intangible physical item, design, creative work, or concept that is owned. Ownership of property refers to the legal right to exclude others from the specific thing owned. So property is a bundle of rights associated with all physical and non-physical things. Aside from the right to exclude others from using property, ownership rights often include the right to possess, to use, to transfer, and to commercialize the property. Any of these rights, however, are subject to modification by the owner of the property.
Next Article: The Role of Government in Property Rights Back to: PROPERTY LAW
Do you associate property with physical possession or with the rights in something? Do you think the right to exclude others should be the defining characteristic of property?
Suzie develops a new method for synthesizing radioactive material from common elements. She patents the process and develops a machine to extract the radioactive particles. The Federal Government notifies Suzie that the production of radioactive material is illegal and prohibited. In this situation, what are Suzie's recognizable rights of ownership? Are those rights tangible or intangible? How are those rights limited?
- Ownership is the ability to claim exclusive rights in a thing. The object of ownership can be tangible such as personal property and land or it can be intangible such as intellectual property rights over musical, literacy or scientific creations of the mind. Ownership also includes rights allowing a person to use and enjoy certain property (physical or intellectual). It includes the right to convey it to others. Patents offer the owner intangible property rights over their creations. Ownership rights in intangible property such as intellectual property rights are limited in the sense that the owner is allowed to excise use, distribution and control over such creation for a limited period of time as stipulated in the regulation. Suzies rights in her method is intangible intellectual property. She may possess the ability to exclude other from employing her method; but, she may not have the right to carry out this process herself - due to the illegal nature of the result of the method.
- Property Law (Intro)
- Tangible and Intangible property?
- Knowledge Capital
- Calculated Intangible Value
- Real and Personal Property?
- Littoral Land
- Readily Removable Fixtures
- What is ownership?
- Role of Government in ownership of property?
- Allodial System
- Role of property rights in economic activity?
- What are the limitations on property ownership rights?
- What is nuisance?
- Homeowners Association (HOA)
- Rule of First Possession?
- Lost or Mislaid Items?
- Adverse Possession?
- Establishing and transferring ownership in real property?
- Absolute Title
- Warranty Deed
- Register of Deeds
- What is a fee simple interest in real property?
- Absolute Interest
- Restrictive Covenant
- What is a life estate in real property?
- What is a leasehold estate in real property?
- What are common types of co-ownership relationships in real property?
- Owning Real Estate Personally vs as LLC
- What if Co-Owners of Real Estate Want Out
- Community Property and Separate Marital Property?
- What is an easement interest in real property?
- What is a license of real or personal property?
- Bundle of Rights
- Absorption Rate
- Fair Housing Act
- Federal Housing Administration (FHA)
- Housing and Urban Development (HUD)
- National Housing Act
- Design Build Contract
- Building Permits
- Certificate of Acceptance
- Construction Surety Bond
- Acquisition, Development, and Construction Loan (ADC)
- Flipping (Real Property)
- Buy, Strip, and Flip
- Homeowner Affordability and Stability Plan
- Building Residual Method
- Accessory Dwelling Unit
- Property Management
- Cost-Plus Contract
- Real Estate Investment Fund
- Listing Agreement
- Property Lawyers
- Multiple Listing Service
- Home Equity
- Register of Deeds
- Title Search
- Opinion of Title
- Certificate of Title
- Abstract of Title
- Chain of Title
- Clear Title
- Affidavit of Title
- Earnest Money
- Private Mortgage Insurance
- Closing (Property)
- Settlement Statement
- Real Estate Settlement Procedure Act (RESPA)
- HUD-1 Form
- Closing Statement
- Closing Costs
- Buying Real Estate as an LLC
- What is a mortgage?
- Judicial Foreclosure
- Lis Pendens
- Short Sale
- Homeowners Protection Act
- Deed in Lieu of Foreclosure
- Tax Deed
- Tenancy at Will
- Closed End Lease Definition
One Percent Rule
- Net Lease
- Triple Net Lease (NNN)
- True Lease Definition
- Land Lease Option
- Hell or High Water Contract
- Habendum Clause
- Implied Warranty of Habitability
- Emblements Definition
- What is a bailment?
- Unilateral-benefit and mutual benefit bailments?