Legal and Equitable Property Rights

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Legal and Equitable Property Rights

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This book provides a precise understanding of legal and equitable property. John Tarrant sets out a unifying theory of legal and equitable property rights and shows how property rights fit within private law.

The book:-

examines the case law concerned with property rights to identify what concept of property has been adopted by the courts;
outlines what things can be the legitimate subject of property rights by looking at the case law, and statute;
demonstrates that our legal system has adopted a thinghood approach to property, and the courts and the
legislature determine what things can be the object of property rights;
explains the different characteristics of property rights, and how they correlate with duties of non-interference and obligations, and how some private law property rights also have a public law aspect.

Tarrant shows how legal and equitable property rights fit within private law by demonstrating that private law only has two purposes: first, to protect personal integrity; and second, to protect private property (our things) through the availability of a range of private law remedies. In simple terms, private law provides remedies for people and for their tangible and intangible things in interactions with other legal persons.

Foreword

Preface

Table of Cases

Table of Statutes

1. The Property Puzzle

Property theories

Scope of the book: developing a property theory

2. Property as Rights to Things

Different approaches to what is property

(i) The multitude of individual rights approach

(ii) The thinghood approach

(iii) The incidents of property approach

(iv) Adoption of the thinghood approach

(v) Identifying intangible things that exist

Limitations on the things that can be objects of property rights

The difficulty of exclusion

Property does not equate with wealth

3. Legal Property Rights with Different Characteristics

Descriptive property rights

(i) Crown radical title, native title and freehold estates

(ii) Tangible personal property

(iii) Intellectual property as a property right

Enforceable property rights

(i) Obligations as property

(a) Money obligations as objects of property rights

(b) Non-money contractual obligations as objects of property rights

(ii) Shares in corporations

Property rights without an object

Three types of property rights

Property rights that attach to other things

Property rights with a public law aspect

4. Legal Property Rights and their Place in Private Law

The Birks taxonomy

The Grantham and Rickett modification

An alternative approach to classifying private law

5. Equitable Property Rights and their Place in Private Law

The origin of equitable property rights and equitable ownership

The nature of equitable rights

The place of equitable property rights in private law

6. Legal Ownership and Equitable Ownership

Legal ownership

(i) Exclusive benefit

(ii) The power to dispose

(iii) Full legal ownership and residual legal ownership

Equitable ownership

(i) Requirements for equitable ownership

(ii) Trusts with no equitable owners

(iii) Defining equitable ownership

Equitable property rights less than equitable ownership

(i) Contracts for sale and purchase

(ii) Equity of redemption

(iii) Rescission in equity

(iv) Fixed and floating charges

(v) Liquidation of a corporation

(vi) The creation of sub-trusts

(vii) Unadministered deceased estates

7. Utilising Two Levels of Property Rights

Stolen money and stolen goods

Breach of a fiduciary duty

Unlawful killing of a joint tenant

Mistaken payments

Contractual flexibility

Index

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