Property law in the United States is the area of law that governs the various forms of ownership in real property (land and buildings) and personal property, including intangible property such as intellectual property. Property refers to legally protected claims to resources, such as land and personal property. Property can be exchanged through contract law, and if property is violated, one could sue under tort law to protect it.
United States property law is primarily an area for state law, although there are also federal laws (for example, on patents and copyright) and some local laws involved (on areas such as zoning and tenancy). Property law in the states generally originate from the common law and have been modified by statutes. The Restatements on Property gives an overview of certain areas of property law in the United States.
Theory of property rights.
Definition of property rights.
There are two main views on the right to property in the United States, the traditional view and the bundle of rights view. The traditionalists believe that there is a core, inherent meaning in the concept of property, while the bundle of rights view states that the property owner only has a bundle of permissible uses over the property. The two views exist on a spectrum and the difference may be a matter of focus and emphasis.
William Blackstone, in his Commentaries on the Laws of England, wrote that the essential core of property is the right to exclude. That is, the owner of property must be able to exclude others from the thing in question, even though the right to exclude is subject to limitations. By implication, the owner can use the thing, unless another restriction, such as zoning law, prevents it. Other traditionalists argue that three main rights define property: the right to exclusion, use and transfer.
An alternative view of property, favored by legal realists, is that property simply denotes a bundle of rights defined by law and social policy. Which rights are included in the bundle known as property rights, and which bundles are preferred to which others, is simply a matter of policy. Therefore, a government can prevent the building of a factory on a piece of law, through zoning law or criminal law, without damaging the concept of property. The "bundle of rights" view was prominent in academia in the 20th century and remains influential today in American law.
