Property Law and Real Estate Commons^™

The End Of Notice: Secrets And Liens In Commercial Finance Law, Jonathan C. Lipson

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This article explores important recent changes in the way that we treat personal property in commercial finance transactions. Among other things, these changes reduce or eliminate the obligation to give notice of interests in personal property when it is used in commercial finance transactions (as, e.g., collateral for a loan).

A principal purpose of notice-filing has been to deter the creation of secret liens, interests in property that are neither recorded nor otherwise readily observable. Secret liens are universally castigated as abhorrent.

Yet, two recent sets of legislative developments suggest that we may care much less about the problem of …

Secrets And Liens: Verification And Measurement In Commercial Finance Law, Jonathan C. Lipson

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This article argues that commercial finance law increasingly uses contract rules to displace property rules, especially as these rules pertain to verifying and measuring property interests. In this context, verification simply means confirming the existence of a property interest, such as a lien or security interest. Measurement means determining the relationships of various property interests to one another (i.e., the priority of interests).

Historically, commercial finance law – in particular the Uniform Commercial Code, which governs loans secured by personal property – provided that something would be treated as “property” only if its property character was fairly easy to discover. …

From The Lighthouses: How The First Federal Internal Improvement Projects Created Precedent That Broadened The Commerce Clause, Shrunk The Takings Clause, And Affected Early Nineteenth Century Constitutional Debate, Adam S. Grace

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No abstract provided.

Beyond Reparations: An American Indian Theory Of Justice, William C. Bradford

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The number of states, corporations, and religious groups formally disowning past records of egregious human injustice is mushrooming. Although the Age of Apology is a global phenomenon, the question of reparations—a tort-based mode of redress whereby a wrongdoing group accepts legal responsibility and compensates victims for the damage it inflicted upon them—likely consumes more energy, emotion, and resources in the U.S. than in any other jurisdiction. Since the final year of the Cold War, the U.S. and its political subdivisions have apologized or paid compensation to Japanese-American internees, native Hawaiians, civilians killed in the Korean War, and African American victims …

The "No Property" Problem: Understanding Poverty By Understanding Wealth, Jane Baron

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No abstract provided.

Takings Formalism And Regulatory Formulas: Exactions And The Consequences Of Clarity, Mark Fenster

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A vocal minority of the U.S. Supreme Court recently announced its suspicion that lower courts and state and local administrative agencies are systematically ignoring constitutional rules intended to limit, through heightened judicial review, exactions as a land use regulatory tool. Exactions are the concessions local governments require of property owners as conditions for the issuance of the entitlements that enable the intensified use of real property. In two cases decided over the past two decades, Nollan v. California Coastal Commission (1987) and Dolan v. City of Tigard (1994), the Court has established under the Takings Clause a logic and metrics …

Difused Surface Water: Reasonable Use Has Become The Common Enemy, Wendy B. Davis

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Diffused surface water, caused by precipitation, should be treated as a necessary asset to replenish aquifers used for drinking water, and not as waste to be disposed of by landowners. Groundwater aquifers were created, and can only be replenished, by precipitation that is allowed to seep underground. Ninety-nine percent of the drinking water for people in rural areas of America comes from groundwater aquifers. These aquifers are in danger of being contaminated or depleted, which could result in severe water shortages very soon. Legislators have failed to enact a comprehensive system to regulate the use of aquifers, relying instead on …