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Private property is a legal concept defined and enforced by a country's political system. [5] The area of law that deals with the subject is called property law. The enforcement of property law concerning private property is a matter of public expense.
Private property is an efficient way to manage resources in a decentralized basis, allowing expertise and specialization to develop with regard to the property. Private property is a powerful incentive for owners to put it to productive use, because they stand to gain in the investment. Private property allows exchanges and modifications.
Property law in the United States is the area of law that governs the various forms of ownership in real property (land and buildings) and personal property, including intangible property such as intellectual property. Property refers to legally protected claims to resources, such as land and personal property. [1]
The right to property, or the right to own property (cf. ownership), is often [how often?] classified as a human right for natural persons regarding their possessions.A general recognition of a right to private property is found [citation needed] more rarely and is typically heavily constrained insofar as property is owned by legal persons (i.e. corporations) and where it is used for ...
Private property access, use, exclusion and management are controlled by the private owner or a group of legal owners. [9] This is sometimes used interchangeably with private good. [ 17 ] An example would be a cellphone as it only one person may use it, making it rivalrous, and it has to be purchased, which makes it excludable.
The canon law Decretum Gratiani maintained that mere human law creates property, repeating the phrases used by St. Augustine. [35] St. Thomas Aquinas agreed with regard to the private consumption of property but modified patristic theory in finding that the private possession of property is necessary. [36]
In federal law, Congress can take private property directly (without recourse to the courts) by passing an Act transferring title of the subject property directly to the government. In such cases, the property owner seeking compensation must sue the United States for compensation in the U.S. Court of Federal Claims.
In United States constitutional law, a regulatory taking occurs when the government does not take physical possession of private property, but regulates the owner's right to use, develop, or exclude to such a degree that the government is deemed to have "taken" it.