Journal

Volume 42 | Number 3 Summer 2007

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The Disappearing Divide Between Property and Obligation: The Impact of Aligning Legal Analysis and Commercial Expectation

by Sarah Worthington

Summary

  1. Expanding the Notion of Property: Turning Obligation into Property

  2. Attributes Said to Distinguish Property from Obligation
    1. Property Terminology
    2. The Ambit of Property Rights
    3. Property Rights May Take Only a Limited Number of Forms—The Numerus Clausus Principle
    4. “Excludability”: Property Rights Are “Good Against the World”
    5. Property Is Assignable
    6. Property Is Accorded Superior Legal Protection
    7. Property Carries an Entitlement to Proceeds
    8. Property Rights Run with the “Asset”
    9. Property Rights Attract Insolvency Protection
  3. Is Disappearance of the Divide Between Property and Obligation Significant?

Footnotes

For complete footnote citations, download the PDF.

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