Property Law and Real Estate Commons^™

Who Controls The Block? How States Can Regulate Tokenized Residential Real Estate, David J. Reiss, Joseph Bizub, Justin Peralta

Cornell Law Faculty Working Papers

In July 2025, the City of Detroit filed a major nuisance abatement action against RealT, a fintech that had sold blockchain-based fractional interests in more than four hundred Detroit rental properties to some 22,000 investors around the world. Within a year, a court had ordered the company’s rents into escrow, the company had conceded to its investors that its “model no longer works,” and it had announced the liquidation of its portfolio -- leaving tenants without basic services and token holders facing steep losses.

This article uses the rise and collapse of RealT, together with case studies of the other …

Classical Liberalism And Property, Thomas W. Merrill

Faculty Scholarship

Classical liberalism is characterized by several key attributes. Its central normative criterion is the well‑being of the individual, not some aggregate like society or the nation‑state. Individuals are presumptively regarded as responsible actors, capable of judging their own best interests and accountable for their actions that interfere with the well‑being of others. Because individuals are presumptively regarded as responsible actors, there is a strong preference for imposing only minimal obligations on them through the power of the state, and these usually involve general negative duties that are universal in character, chiefly to forbear from using force or fraud to interfere …

Joint Bank Accounts: Who Needs Them?, Reid K. Weisbord, Stewart E. Sterk

Articles

Joint bank accounts, once known as a “poor man’s will,” emerged more than a century ago as a probate avoidance device. This Article contends that joint accounts no longer serve a useful estate planning function, and they pose an unacceptably high risk to banking consumers because the legal framework governing lifetime ownership rights is deeply flawed and underdeveloped. Courts typically apply one of two prevailing models for allocating lifetime rights: (1) the traditional joint tenancy approach, which presumes equal ownership of account funds by each party; and (2) the Uniform Probate Code’s approach, which presumes ownership in proportion to each …

Groundwater Laws And Regulations: Survey Of Twenty-One U.S. States, Rebekah Acosta-Hueston, Abigail Adkins, Khadija Alibhai, Olivia Alland, Matthew C. Allen, Dan Archibald, Jeffrey Berk, John Broussard, Justin Cias, Bradford Eckhart, Blakely Fahning, Jackson Field, Michael Flores, Ellen Earl Gillis, Emma Golightly, Merrick Hayashi, David Hernandez, Kate Keithley, Matthew Maslanka, Erin Milliken, Lucas Mylet, Abigail Nichols, James O’Donnell, James Osteen, Connor Pabich, Cheryl Patterson, Rhyan Phillips, Sarah Rathmell, Margaret Reed, Laura Smith, Kelsi Sorrells, Brooke Thoendel, Ani Tookoian, Sandhya Wagle, Margaret Ward, Mackenzie Watson, Carolyn Wheeler, Ashley Wilde

EENRS Program Reports & Publications

This report constitutes the third and final volume in an ongoing project designed to explore and articulate the groundwater quantity laws and regulations of all fifty U.S. states that could then be used for comparative research. This particular report presents surveys for twenty-one states from across the country. The first volume featured thirteen state surveys while the second volume contained sixteen additional state surveys. Both can be found on the project website at: https://www.law.tamu.edu/US-Groundwater-Laws.

Professor Gabriel Eckstein at Texas A&M University School of Law and Professor Amy Hardberger at Texas Tech University School of Law developed an analytical rubric …

Tokenized Real Estate: The Law And Tech Of Digital Deeds, Christopher K. Odinet, Andrea Tosato

Faculty Scholarship

The advent of blockchain technology has generated bold claims that non-fungible tokens (NFTs) can fundamentally transform real estate. Proponents assert that digital assets can tokenize real property interests: the concept of using digital tokens to represent ownership rights in physical property. Their goal is to allow buyers and sellers to transfer real estate through simple blockchain transactions, thereby eliminating traditional intermediaries, reducing costs, and accelerating deal velocity. This Essay provides the first comprehensive legal analysis examining whether American law actually supports such a direct tokenization of real estate rights.

Our investigation reveals a stark disconnect between technological capability and legal …

Law School News: Isiah Dipina L'27: From Personal Experience To Policy Change 3-26-2026, Jane Govednik

Life of the Law School (1993- )

No abstract provided.

Bankrupt Crypto Organizations, Kara Bruce, Christopher K. Odinet, Andrea Tosato

Faculty Scholarship

This Article provides the first comprehensive analysis of the intersection between decentralized autonomous organizations (DAOs) and American bankruptcy law. DAOs are blockchain-based entities that enable individuals to pursue common goals using decentralized decision-making and automated governance. Since their recent emergence, DAOs have proliferated dramatically—with over 20,000 organizations managing over $20 billion in assets and engaging in activities ranging from investment management to real estate and even attempting to purchase historic copies of the U.S. Constitution. Yet like any other organization, DAOs can fail, creating an urgent need to understand what happens when unstoppable code meets immovable bankruptcy law.

Our investigation …

When Tokenized Real-World Assets Collide With Real World, Biying Cheng, David J. Reiss

Cornell Law Faculty Publications

The city of Detroit filed a public nuisance lawsuit in July of last year in the Michigan Circuit Court for the Third Judicial Circuit against Real Token, its co-founders and 165 affiliated entities, alleging building code and safety violations across over 400 Detroit residential properties.[1] RealT is a blockchain real estate platform that sells fractional interests in individual U.S. rental properties through the issuance of crypto security tokens.

On July 22, the judge issued a temporary restraining order — later converted into a preliminary injunction on Nov. 4 — barring RealT from collecting rent, pursuing evictions without a certificate of …

The Poly Problem In Zoning: Redefining "Family" For A Changing Society, Aric K. Short, Tanya Pierce

Faculty Scholarship

Single-family zoning has long dictated not only where people may live but also with whom. Although extensively critiqued for perpetuating racial and economic exclusion, these laws also privilege relationships defined by blood, marriage, or adoption and marginalize nontraditional families. This Article focuses on a particularly overlooked group: polyamorous families who often face legal uncertainty, social exclusion, and housing discrimination due to restrictive zoning definitions of “family.”

As polyamory gains cultural visibility and increasing legal recognition—through West 49th Street, LLC v. O’Neill and municipal reforms in cities like Somerville and Cambridge—now is the time to examine zoningÊs role in reinforcing outdated …

The Exactions Illusion: Sheetz’S Missing Dissent, Lee Anne Fennell, Timothy M. Mulvaney

Faculty Scholarship

In April 2024, the Supreme Court unanimously handed down Sheetz v. County of El Dorado, a land use exactions case billed as narrow, inevitable, constitutionally compelled, and obviously correct.  It was none of those things. Sheetz instead ushered in an open-ended shift of policy control over the built environment from state and local legislatures to courts. By its terms, the holding extended the Court’s stringent “exactions” test—which requires the government to prove nexus and proportionality between development conditions and development impacts—beyond its original context of parcel-specific administrative bargains to reach an unspecified set of legislated property conditions. Yet the decision’s …

Land Use And Sovereignty Along The Catawba River, Thomas C. Brugh, Lucile C. Rencher

Student Scholarship

This document-based case study explains how land-use change along the Catawba River Corridor (Lancaster and York Counties, South Carolina) has been produced through the interaction of property rights (dominium) and rule-setting authority (imperium), showing why sovereignty continues to shape development even after land disputes appear “settled.” Through analyzing legal records (Treaty of Nation Ford, the 1959 Catawba Division of Assets Act, the 1986 Supreme Court timing decision, and the 1993 Settlement Act), planning documents, parcel records, and field observations, we trace how shifting jurisdiction and title certainty structured what kinds of land uses were possible and when. We argue that …

Feudal Is Fine Because Property Is Sovereignty: Rational Basis Equal Protection And The New Noncitizen Land Laws, Jill M. Fraley

Scholarly Articles

States are enacting a new wave of land laws restricting noncitizens’ ownership of real property, prompting immediate constitutional challenges grounded in equal protection and federal preemption. Most commentators assume these laws are unlikely to survive modern scrutiny. This Article argues that these land laws rest on a constitutional logic that remains both doctrinally intact and normatively compelling: the treatment of real property as an incident of state sovereignty rather than an ordinary site of economic regulation.

Against prevailing accounts, this Article shows that the Court’s jurisprudence has never subjected all citizenship-based classifications to heightened scrutiny. Instead, the Court has consistently …

Facilitating Mortgage Modification To Save Homes And Mitigate Lender Losses, Julia Patterson Forrester Rogers

Faculty Journal Articles and Book Chapters

Homeowners in financial distress or whose homes have been damaged by natural disaster may avoid foreclosure if their lender agrees to modify the loan to reduce payments. Commercial loans may also be modified to avoid foreclosure or in response to changed circumstances or changing market conditions. Although loan modifications are generally beneficial to both borrowers and lenders, barriers to modification exist. The Consumer Financial Protection Bureau (CFPB) has addressed some of the roadblocks to residential loan modifications by regulating the procedures that mortgage servicers must follow in dealing with delinquent borrowers, but the CFPB and its regulations are at risk …

Property Law As History, Michael Allan Wolf

UF Law Faculty Publications

Because property law and history are so inextricably intertwined, it has become even more important for law professors to share with students and colleagues the ways in which knowledge of history unlocks difficult concepts, suggests workable solutions to contemporary puzzles, and makes very dry concepts—destructible contingent remainders, running covenants, privity, and the Rule in Dumpor’s Case—much easier to digest.   Sampling from the doctrinal menu of a typical first-year property course--adverse possession, present estates and future interests, landlord-tenant, concurrent interests, servitudes, land transactions, eminent domain, regulatory takings, and zoning--this article identifies two aspects of the law of property as history, using …

When Climate Change Forces Flight: Legal Duties In The Age Of Retreat, Mark P. Nevitt

Faculty Articles

In the face of climate-driven disasters, government officials and individuals alike must decide whether to invest in climate-exposed areas or retreat. This Article analyzes emerging legal and policy issues associated with both climate retreat (when the government relocates people and infrastructure away from climate-exposed areas) and abandonment (when individuals leave climate-exposed areas, following natural disasters or otherwise). I argue that government-driven climate retreat must consider four overlapping legal duties, raising novel questions in an era of climate destabilization. First, does the government have an affirmative duty to rescue its citizens, and is this duty transformed by the government’s role in …

How Ip Ends, David Fagundes, Aaron Perzanowski

Faculty Articles

Real and personal property may last forever, but intellectual property (IP) ends. Despite the doctrinal complexity and practical significance of the mechanisms that terminate IP rights, scholarship has scarcely focused on them, and none has analyzed these doctrines as a unified field. As a result, the discourse about the ways IP ends remains impoverished, with courts, legislatures, and commentators offering imprecise and inconsistent formulations that obscure the rationales for these doctrines. This Article offers the first comprehensive taxonomy of IP’s terminal mechanisms, providing much-needed conceptual and definitional coherence. It then reveals the underappreciated policy leverage these mechanisms can deliver and …

Constitutional Structures In Private Law And The Example Of Waste Law, Jill M. Fraley

Scholarly Articles

This Article proposes three criteria for when a private law mechanism performs a structural constitutional function: when it constrains present authority in the name of future stability, when it disperses enforcement to avoid centralized authority, and when it has structural entrenchment to avoid ordinary displacement. While many private law doctrines contain constitutional resonances or echo rights, the core of constitutional law is the power structure—a precondition for the protection of those rights. Constitutional structures have three key components: self-binding through time, separation and diffusion of power, and entrenchment beyond ordinary politics. For a private law doctrine to do more than …

At The Intersection Of Property And Disaster Recovery, Jeanne Ortiz-Ortiz

Faculty Publications

(Excerpt)

When disaster strikes, communities rally to meet urgent, short-term needs—food, shelter, and medical care that keep people alive and safe in the immediate aftermath. For days, we see images of flooded streets, emergency shelters, and calls to support fundraising campaigns in the media cycle. Long-term recovery after a disaster often depends on something less visible: the ability of people, especially those experiencing economic insecurity, to rebuild or return to stable, functional homes.

The outcome of this largely depends on whether families can navigate and access assistance programs like those offered by the Federal Emergency Management Agency (FEMA). Can you …

The New Neccesity, Ezra Rosser

Scholarly Articles in Law Reviews & Journals

According to the U.S. Supreme Court, cities are free to criminalize homelessness. The 2024 case City of Grants Pass v. Johnson is the most important homelessness case in decades and was a significant blow to advocates for the unhoused. The conservative majority rejected the idea that city ordinances criminalizing sleeping in public amounted to cruel and unusual punishment insofar as they penalized status. There is no sidestepping the loss. But within the faint glow of the embers of the oral argument and of the decision itself, there is the possibility that a new understanding of necessity, supported by the same …

Romanist-Bourgeois Property And The Development Of The Modern Capitalist World System, Anna Di Robilant

Faculty Scholarship

This article examines the role of Romanist-bourgeois property law in the development of the modern capitalist world system, focusing on how nineteenth-century jurists deliberately crafted and adapted Roman law-based property doctrines to address the evolving social relations of production in both Europe and its peripheries. Rather than viewing legal concepts as merely reflective of broader economic transformations, the author highlights the active role played by a professional class of jurists in shaping property law to legitimize and structure emergent capitalist class dynamics. The article critically engages with competing scholarly perspectives that either privilege market expansion or downplay class relations, arguing …

Challenging Agency Deregulation, Todd S. Aagaard

Faculty Publications

The administrative state is experiencing two seismic shifts. First, in recent years, the Supreme Court has issued a series of decisions that significantly curtailed the powers of administrative agencies. Second, President Donald Trump is using administrative agencies to aggressively deregulate in his second term. The conventional wisdom is that the Supreme Court’s recent precedent will facilitate the Trump Administration’s deregulatory agenda.

This Article argues the opposite. Instead of promoting agency deregulation, recent Supreme Court precedent restraining agency authority provides a potentially powerful basis for challenging agency deregulation as administrative overreach. Time and time again, the Court has taken agencies to …

Democratizing Restitution: Trust As An Equitable Approach To Competing Claims On Cultural Heritage Objects, Britta Redwood

Articles

As formerly colonized states began to win their independence in the mid-twentieth century, a growing chorus of voices called on museums in London, Paris, Berlin, and other European cities to return objects taken during the colonial period. Having largely ignored these requests until recently, museums throughout Europe and the United States have begun negotiating returns of these objects to their rightful owners. There is a growing recognition among Western cultural institutions that continuing to hold cultural heritage objects taken under conditions of coercion or violence is morally untenable. More recently, some scholars have argued for a human rights approach to …

Property Rights V. Taxpayer Rights: The Battle Over Tax Foreclosures, Stewart E. Sterk

Articles

No abstract provided.

Per Se Non-Takings, Nestor M. Davisdson, Timothy M. Mulvaney

Faculty Scholarship

In the discourse on the Takings Clause, disputes over methodology have long formed a kind of proxy war, with per se rules ordinarily underwriting strong constitutional protection for property rights and ad hoc standards more often vindicating public interests. At a moment when the Supreme Court is increasingly embracing the rules end of this rules-standards spectrum, this Article offers a novel perspective to challenge the conventional link between categorical reasoning and classical liberal conceptions of constitutional property.

To do so, the Article excavates a vast body of law denying takings liability through rule-like reasoning, an approach the Article calls per …

Criminalization Of Landlord/Tenant Law: Arkansas’ “Failure To Vacate” Statute, Anastacia Greene

Law Faculty Scholarship

Arkansas is not a notable state. It is often confused with Kansas or Alabama. It is difficult for most Americans to find on a map. Perhaps Arkansas has few distinctions. However, it is the only place in the country where a tenant can be thrown in jail for missing a rental payment. The legal landscape of Arkansas is unique in many ways, primarily in its old-fashioned, even archaic, view of property law.

First, this article examines the history behind the Failure to Vacate statute. Next, this article reviews the constitutional challenges that the statute has faced, and recent litigation. Then, …

Unpacking Singapore's Leasehold Relativity Table: An Empirical And Legal Analysis, Koon Shing Kwong, Jing Rong Goh, Seng Wei, Edward Ti

Research Collection School Of Economics

In Singapore, most land is state-owned, with the state generally issuing leasehold estates via state leases of not more than 99 years1, depending on the intended land use. Naturally, the value of a leasehold estate, which erodes over time as the lease approaches the end of its term, is a key component of the premium charged for lease renewals, or the tax imposed for permission given in relation to a development that would increase the value of the land. By law, the state valuation of leasehold land is prescribed by a leasehold relativity table colloquially known as ‘Bala’s Curve’ or …

Is There Life In The Ruins? A Look At Post-Sveen Contract Clause Jurisprudence, James W. Ely, Jr.

Vanderbilt Law School Faculty Publications

Seven years ago, in Sveen v. Melin, the Supreme Court applied the prevailing multipart test and rejected a contract clause claim. The result was hardly a surprise. The Court has not invoked the contract clause to invalidate a state law in more than forty years. The decision broke no new ground and seemingly signaled that the Court was content with the current multipart test, one that appears calculated to uphold state regulatory authority rather than vindi- cate the rights of contracting parties. Justice Neil Gorsuch force- fully dissented in Sveen, insisting that the multifactor test "seems hard to square with …

Uses And Abuses Of Johnson V. M’Intosh In Native American Land Rights Cases: Investigative Insights From The Indian Law Justice Files, John P. Lavelle

Faculty Scholarship

The 200th anniversary of the foundational Indian law decision Johnson v. M’Intosh has come and gone, with many scholars contributing criticism and commentary. The dominant focus has been the case’s notorious embrace of the so-called “doctrine of discovery,” an odious theory for rationalizing European nations’ claims of superior rights to lands occupied by Indigenous Native American peoples. Commanding less attention, however, is the Johnson decision’s core protective legal feature, i.e., its reinforcing the United States government’s duty to guard against the alienation of Indian lands through private, unauthorized acquisitions.

This Article offers a somewhat different appraisal of Johnson v. M’Intosh …

What Is The Distribution Of National Historical Parks?, Randall K. Johnson

Faculty Works

In an increasingly polarized nation, which no longer can reach any consensus about what is meant by the term “common good,” it might be wise to extend additional protections to national monuments from executive branch interference. But prior to doing so, the U.S. Congress may want to undertake some additional research work. Such research could build on the existing charge of the National Park Service as well as other interested parties. By doing so, Congress gains insight into whether and how this federal legislature should expand protections for national historical parks.

My article explains, at least in part, how Congress …

Cvsg In Chabad V. Russian Federation: Another Question Of Foreign State Immunity, Ingrid Wuerth Brunk

Vanderbilt Law School Faculty Publications

On June 2, 2025, the Supreme Court called for the views of the Solicitor General (“CVSG”) in Chabad v. Russian Federation. In Chabad’s petition for certiorari, the question presented is whether the Foreign Sovereign Immunities Act (FSIA)’s expropriation exception applies to a foreign state if the expropriated property—or property exchanged for it— is located outside of the United States and is owned or operated by an agency or instrumentality of the foreign state that is engaged in commercial activity in the United States. The D.C. Circuit answered no. It held that for a foreign state itself (as opposed to …