Property Law and Real Estate Commons^™

The “Mendacious” Common-Law Mortgage, David P. Waddilove

Journal Articles

The common-law mortgage has been much maligned. Legal historians have called it everything from "clumsy" to "mendacious." Following their lead, the current Restatement (Third) of Property: Mortgages and the leading treatise on mortgage law denounce the modern incarnation of the common-law mortgage - the "title theory" of mortgages - in favor of the "lien theory."

As many states have adopted this view, the common-law mortgage has been nearly eliminated from the modern legal landscape. But the consensus is wrong. Critics of the common-law mortgage have relied upon a superficial view of the device. They appreciated neither the background law that …

Facing The Growing Tension Between Conservation Easements And The Common Law, J. Brady Hagan

Kentucky Law Journal

No abstract provided.

Revenge Of The Realtors: The Procompetitive Case For Consolidating Multiple Listing Services, James S. Bradbury

University of Colorado Law Review

To say residential real estate is an important part of our nation's economy is an understatement. Home ownership is either an asset or an aspiration for millions of Americans, and one needs only rewind the clock a decade for evidence of the financial ruin possible from buying and selling homes. But residential real estate transactions do not materialize out of thin air. Rather, the parties involved in a typical sale-buyers, sellers, agents, brokerages, online portals-all rely on critical infrastructure known as a multiple listing service (MLS) to get deals done. Simply put, an MLS is a platform that serves as …

Are Premarital Agreements Really Unfair?: An Empirical Study, Elizabeth Carter

Journal Articles

The article focuses on unfair treatment of premarital agreements and data of the people who entered into premarital agreements including age at marriage, race, and political affiliation. It mentions substance of the premarital agreements including how the agreements divide property and whether the agreements waive spousal support. It also mentions premarital agreements involve the waiver of property rights.

Property Rules For Martian Resources: How The Space Act Of 2015 Increases The Likelihood Of A Single Entity Controlling Access To Mars, Tyler Conte

Journal of Air Law and Commerce

No abstract provided.

Interdisciplinary Projects-Based Community Entrepreneurship Courses, Brandon Weiss, Anthony J. Luppino

Scholarly Articles in Law Reviews & Journals

Over the last approximately fifteen years, the University of Missouri Kansas City (UMKC) School of Law has developed a multifaceted set of courses, including interdisciplinary courses, pro bono clinics, and other programs and events relating to for-profit entrepreneurship and economic development, and social and civic entrepreneurship. This presentation will describe two recent interdisciplinary additions to these offerings-- the Law, Technology and Public Policy (LT&PP) course and the Entrepreneurial Urban Development (EUD) course. Both have strong elements of increased access to law and justice, with particular focus on presently disadvantaged and underrepresented individuals, groups, and communities. They significantly enhance the training …

A Wall Of Hate: Eminent Domain And Interest-Convergence, Philip Lee

Brooklyn Law Review

Through the power of eminent domain, President Donald Trump is seeking to take properties owned by private landowners and Native American tribes, including people’s homes and businesses, to build a continuous physical wall along the two thousand-mile border between the United States and Mexico. He has even partially shut down the government for the longest period in history in order to pressure Congress to fund his wall. Substantial evidence suggests that this massive government condemnation scheme will not effectuate Trump’s primary purpose: to stop illegal immigration. If Trump succeeds, then potentially thousands of people from all racial backgrounds will lose …

Choice Of Law In Takings Cases, Thomas W. Merrill

Faculty Scholarship

This Article considers what law should apply in resolving subsidiary questions that arise in the course of deciding takings cases under federal constitutional law. It argues that there are three choices: federal constitutional law, state law, or a federal-patterning definition that lays down certain general parameters as a matter of federal constitutional law but otherwise follows state law if it is consistent with these parameters. The article illustrates these choices by considering a recent Supreme Court decision, Murr v. Wisconsin, which held that the horizontal dimensions of a “parcel of land” should be determined, for takings purposes, as a …

Perpetual Affordability Covenants: Can These Land Use Tools Solve The Affordable Housing Crisis?, Elizabeth Elia

Penn State Law Review (2003 - Present)

Approximately 3.8 million privately-owned residential housing units in America today contain affordability covenants recorded in their chains of title. State and local agencies and the District of Columbia use these covenants to ensure that publicly-subsidized properties are actually used to provide affordable housing. With rents at all-time highs and stagnant wages, the affordable housing crisis has reached a fever pitch. House Democrats are proposing billions more in housing subsidy. To the extent those funds subsidize privately-owned housing development they, too, will be secured by affordability covenants. In response to this crisis, a new trend in high cost markets is to …

Cutting Pension Rights For Public Workers: Don't Look To The Courts For Help, Ronald H. Rosenberg

Faculty Publications

Every day we rely on public employees to provide us with a broad range of services necessary to daily life. These workers include public school teachers, fire and police, emergency medical technicians, park rangers, nurses just to name a few. As public employees, these people work for local and state government and they are compensated by us for their services through the taxes we pay. In general, these are modestly paid workers who also receive pensions when they retire after many years of work. Following the financial crisis of 2008-2009, government retirement trust funds significantly lost value and their long-term …

Introduction: Property In Ecology, Jonathan H. Adler

Faculty Publications

Are property rights in ecological resources compatible with environmental protection? Might they be essential?

Working at the local level, conservationists have often rediscovered Aldo Leopold’s counsel that private rights can be more effective than government regulation. Conservation goals have been dramatically enhanced by the growth of land trusts and increasing use of property instruments such as conservation easements. Land ownership in fee simple is one way a conservation organization may protect a particular place, but it is hardly necessary in many contexts. Conservation easements and other partial interests in land are often a highly cost-effective alternative, particularly where conservation is …

How Bitcoin Functions As Property Law, Eric D. Chason

Faculty Publications

Bitcoin replicates many of the formal aspects of real estate transactions. Bitcoin transactions have features that closely resemble grantor names, grantee names, legal descriptions, and signatures found in real property deeds. While these “Bitcoin deeds” may be interesting, they are not profound. Bitcoin goes beyond creating simple digital deeds, however, and replicates important institutional aspects of real estate transactions, in particular recordation and title assurance. Deeds to real property are recorded in a central repository (e.g., the public records office), which the parties (and the public) can search to determine title. When one grantor executes more than one deed covering …

Please Don't Stop The Music: Using The Takings Clause To Protect Inmates' Digital Music, Amber M. Banks

Vanderbilt Journal of Entertainment & Technology Law

In prisons across the country, inmates are encouraged to participate in digital media programs. One in ten correctional facilities in the US has digital media programs in which inmates purchase both a device-such as an MP3 player or tablet-and content or services for the device-such as digital music-from a third-party vendor. Although fee structures vary, the facility or the state corrections department usually receives a commission on the revenue generated from inmates' purchases, thereby profiting off of each purchase that an inmate makes. As their contracts with third-party vendors end, state correctional departments may change vendors, either in search of …

Empowering The Poor: Turning De Facto Rights Into Collateralized Credit, Steven L. Schwarcz

Faculty Scholarship

The shrinking middle class and the widening gap between the rich and the poor constitute significant threats to social and financial stability. One of the main impediments to upward mobility is the inability of economically disadvantaged people to use their property — in which they sometimes hold only de facto, not de jure, rights — as collateral to obtain credit. This Article argues that commercial law should recognize those de facto rights, enabling the poor to borrow to start businesses or otherwise create wealth. Recognition not only would provide benefits that exceed its costs; it also would be consistent with, …

Expropriation In The Name Of Rights: Transferable Development Rights (Tdrs), The Bundle Of Sticks And Chinese Politics, Shitong Qiao

Faculty Scholarship

Through an in-depth empirical investigation, this article discloses for the first time how and why land reform programs in the name of empowering and enriching farmers have been serving the purpose of Chinese local governments to compromise the rights revolution in the Chinese national expropriation regime. The concept of “transferable development rights” (TDRs) is simple: development rights from one parcel of land are lifted up and transferred to another. Upon a detailed examination of land tickets in Chongqing and Chengdu, the southwestern Chinese application of TDRs, this article reveals that local governments in both cities have created schemes of land …

The Architecture Of Property, Thomas W. Merrill, Henry E. Smith

Faculty Scholarship

Avoiding the reduction of property to a bundle or rights or to the working out of a single master principle, the architectural theory of property sees property as an integrated system or structure anchored in certain unifying principles. Because our world is neither chaotic nor additiviely simple, property law and institutions must achieve their plural ends in a fashion that manages the inherent complexity of the interaction of valued resource attributes and human actions. In managing complexity, some of the law’s structures receive functional explanations and justifications, which can be different from the explanations and justifications that apply to the …

Opening Remarks: The Federalism Dimension Of Constitutional Property, Stewart E. Sterk

Articles

No abstract provided.

Divergence And Convergence At The Intersection Of Property And Contract, Giuseppe Dari-Mattiacci, Carmine Guerriero

Faculty Scholarship

In this Article, we study rules that solve the conflict between the original owner and an innocent buyer of a stolen or embezzled good. These rules balance the protection of the original owner’s property and the buyer’s reliance on contractual exchange, thereby addressing a fundamental legal and economic trade-off. Our analysis is based on a unique, hand-collected dataset on the rules in force in 126 countries. Using this data, we document and explain two conflicting trends. There is a large amount of first-order divergence: both rules that apply to stolen goods and those that apply to embezzled goods vary widely …

I Promise To Pay, Joshua Mitts

Faculty Scholarship

Consumers are more likely to keep a repayment promise they make themselves. When a scheduling conflict prevents a borrower from attending a mortgage closing, a power of attorney (POA) empowers a third party to promise that the borrower will repay the loan. On a matched sample of POA and non-POA loans, and comparing within borrower and within property, I link POAs to greater delinquency and foreclosure. Although POAs are uncorrelated with cash flow shocks, they reflect reduced promise keeping when borrowers undergo financial distress. This association vanishes for originator-servicers’ loans, which suggests that financial intermediation plays a role in consumer …