Property Right

A Property Right is a legal right providing exclusive control over property or assets to a right holder (enabling ownership, use, transfer, and protection through property controls).

• Context:
  • It can (often) be associated with Property Right Risks (represented by property right risk-representations)
  • ...
  • It can range from being a De-jure Property Right to being a De-facto Property Right, based on legal status.
  • It can range from being a Private Property Right to being a Commons Property Right to being a State Property Right to being an Open-Access Property Right, based on ownership regime.
  • It can range from being a Simple Property Right to being a Complex Property Right, based on property complexity.
  • It can range from being a Limited Property Right to being a Complete Property Right, based on control scope.
  • It can range from being a Present Property Right to being a Future Property Right, based on right timing.
  • It can range from being a Direct Property Right to being an Indirect Property Right, based on control path.
  • It can range from being a Single-Party Property Right to being a Multi-Party Property Right, based on ownership structure.
  • ...
  • It can be referenced by a Property Right Issue (referenced by a Property Right Issue-Spotting Rule).
  • It can involve various Property Right Types such as:
    • Core Property Rights:
      • Property Ownership Rights governing property possession
      • Property Use Rights governing property application
      • Property Transfer Rights governing property conveyance
      • Property Protection Rights governing property preservation
    • Information Property Rights:
      • Trade Secret Property Rights over confidential property
      • Property License Rights over proprietary property
      • Property Access Rights over protected property
  • It can manifest in Property Phases through:
    • Property Acquisition Phases during property right obtainment
    • Property Possession Phases during property right holding
    • Property Utilization Phases during property right exercise
    • Property Disposition Phases during property right transfer
  • It can require Property Controls such as:
    • Active Property Controls:
      • Property Access Controls over property availability
      • Property Use Controls over property application
      • Property Transfer Controls over property conveyance
      • Property Protection Controls over property preservation
    • Property Violation Controls:
      • Unauthorized Property Access affecting exclusive property control
      • Property Misappropriation affecting property ownership rights
      • Improper Property Transfer affecting property conveyance rights
      • Failed Property Protection affecting property preservation rights
  • ...
• Example(s):
  • Basic Property Rights, such as:
    • Possession Rights: Physical Possession and Legal Possession
    • Title Rights: Legal Title and Equitable Title
    • Control Rights: Management Control and Disposition Control
  • Use Property Rights, such as:
    • Application Rights: Use Right and Operation Right
    • Development Rights: Modification Right and Enhancement Right
    • Exploitation Rights: Commercial Right and Economic Right
  • Transfer Property Rights, such as:
    • Property Transfer Rights: Assignment Right and License Right
    • Conveyance Rights: Sale Right and Gift Right
    • Grant Rights: Permission Right and Authorization Right
  • ...
• Counter-Example(s):
  • Contract Rights without property elements
  • Personal Rights unrelated to property
  • Process Rights lacking property control
  • Service Rights without property aspects
  • Public Rights lacking exclusive control
  • Squatting without ownership
  • Unauthorized use of copyrighted material
• See: Legal Right, Property Control, Asset Management, Ownership, Property Interest, Property Protection, Property Transfer, Right-to-Property, Estate (Law), Economic Agent, Easement, Mortgage Law, Covenant (Law), Equitable Servitudes, Property Income.

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References

2023a

• (Wikipedia, 2023) ⇒ https://en.wikipedia.org/wiki/Right_to_property Retrieved:2023-6-27.
  • The right to property, or the right to own property (cf. ownership) is oftenclassified as a human right for natural persons regarding their possessions. A general recognition of a right to private property is foundmore rarely and is typically heavily constrained insofar as property is owned by legal persons (i.e. corporations) and where it is used for production rather than consumption. A right to property is specified in Article 17 of the 1948 Universal Declaration of Human Rights, but it is not recognised in the 1966 International Covenant on Civil and Political Rights or in the 1966 International Covenant on Economic, Social and Cultural Rights. The 1950 European Convention on Human Rights acknowledges a right for a natural or legal person to "peaceful enjoyment of his possessions", subject to the “general interest or to secure the payment of taxes."

2023b

• (Wikipedia, 2023) ⇒ https://en.wikipedia.org/wiki/Property_rights_(economics) Retrieved:2023-6-27.
  • Property rights are constructs in economics for determining how a resource or economic good is used and owned, which have developed over ancient and modern history, from Abrahamic law to Article 17 of the Universal Declaration of Human Rights. Resources can be owned by (and hence be the property of) individuals, associations, collectives, or governments. Property rights can be viewed as an attribute of an economic good. This attribute has three broad components, and is often referred to as a bundle of rights in the United States:
    1. the right to use the good
    2. the right to earn income from the good
    3. the right to transfer the good to others, alter it, abandon it, or destroy it (the right to ownership cessation)

2015a

• (Wikipedia, 2015) ⇒ http://en.wikipedia.org/wiki/property_rights_(economics)#Property-rights_regimes Retrieved:2015-7-2.
  • Property rights to a good must be defined, their use must be monitored, and possession of rights must be enforced. The costs of defining, monitoring, and enforcing property rights are termed transaction costs. Depending on the level of transaction costs, various forms of property rights institutions will develop. Each institutional form can be described by the distribution of rights. The following list is ordered from no property rights defined to all property rights being held by individuals
    • Open-access property (res nullius) is not 'owned' by anyone. It is non-excludable (no one can exclude anyone else from using it) but may be rival (one person's use of it reduces the quantity available to other users). Open-access property is not managed by anyone, and access to it is not controlled. There is no constraint on anyone using open-access property (excluding people is either impossible or prohibitively costly). Examples of open-access property are the upper atmosphere (navigable airspace) or ocean fisheries (navigable waterways).
    • State property (also known as public property) is property that is owned by all, but its access and use are controlled by the state. An example is a national park.
    • Common property or collective property is property that is owned by a group of individuals. Access, use, and exclusion are controlled by the joint owners. True commons can break down, but, unlike open-access property, common property owners have greater ability to manage conflicts through shared benefits and enforcement.
    • Private property is both excludable and rival. Private property access, use, exclusion and management are controlled by the private owner or a group of legal owners.

2015b

• (Wikipedia, 2015) ⇒ http://en.wikipedia.org/wiki/property_law#Property_rights_and_rights_to_people Retrieved:2015-3-1.
  • Property rights are rights over things enforceable against all other persons. By contrast, contractual rights are rights enforceable against particular persons. Property rights may, however, arise from a contract; the two systems of rights overlap. In relation to the sale of land, for example, two sets of legal relationships exist alongside one another: the contractual right to sue for damages, and the property right exercisable over the land. More minor property rights may be created by contract, as in the case of easements, covenants, and equitable servitudes.

    A separate distinction is evident where the rights granted are insufficiently substantial to confer on the nonowner a definable interest or right in the thing. The clearest example of these rights is the license. In general, even if licenses are created by a binding contract, they do not give rise to property interests.

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