Property: Difference between revisions
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{{a|glossary|}}Something capable of being [[Ownership|owned]]. Not just held, but ''owned''. The bonus plan, as Ford Fairlane would say<ref>{{ford fairlane bonus plan}}</ref>. [[Possession]] and [[ownership]] are different things. [[Ownership]] implies you can keep it, [[pledge]] it, [[licence]] it, lease it, declare a [[trust]] over it — you can act as an economic [[rentier]] with respect to it. | {{a|glossary|}}Something capable of being [[Ownership|owned]]. Not just held, but ''owned''. The bonus plan, as Ford Fairlane would say<ref>{{ford fairlane bonus plan}}</ref>. [[Possession]] and [[ownership]] are different things. [[Ownership]] implies you can keep it, [[pledge]] it, [[licence]] it, lease it, declare a [[trust]] over it — you can act as an economic [[rentier]] with respect to it. | ||
There is [[real property]] (i.e., land), [[personal property]] (material, ownable stuff that ''isn’t'' land) and [[intellectual property]] (immaterial, ownable stuff. | |||
I know what you are thinking, and you’re right: ''weasel word alert''. “Material” and “ownable”. | |||
'''Material versus immaterial''': Being “material” usually involves some kind of extension into the physical realm of some sort: easy cases are things like bicycles, [[Stratocaster]]s or books, but some fairly intangible things count as material: non-[[cash]] [[financial asset]]s for very good example. And also books ''as things'' — paper, ink, binding and so on — are certainly items of personal property; the disembodied copyrightable text embedded in that physical [[substrate]] is not personal property; it is ''[[intellectual property]]''. | |||
'''Ownable''': This might seem a little circular, but to be property, something must be ''capable of being owned''. Most things are capable, in theory, or being owned: for real and personal property ownership means being able to give up [[possession]] of the item without surrendering [[legal title|title]] to it: I could lend you my [[Stratocaster]], or pledge it to you as security for my debts (I won’t, by the way, before you ask) but, until you enforce some security over it, it remains ''mine''. [[Cash]] is ''not'' property, since title passes by transfer, and no-one has a better claim to cash than the person in whose wallet it sits for the time being.<ref>Most money sits in a bank account, and one’s rights to a bank account, being ones claim for a payment of money by the bank, ''is'' a personal property right.</ref> In [[intellectual property]] since there is a threshold requirement of creativity, there is no [[copyright]] in simple data, so data cannot be owned “intellectual property”. | |||
===Short points=== | |||
*You can’t own [[data]] that doesn’t amount to [[intellectual property]]. | *You can’t own [[data]] that doesn’t amount to [[intellectual property]]. | ||
*You can’t own [[cash]], either.<ref>This is controversial but defendible view — not because your rights to [[cash]] are in some way attenuated compared to your rights over [[property]], but because [[cash]] is ''[[sui generis]]'': a special, otherworldly, elusive thing, not susceptible of mortal, human impulses like “[[ownership]]”.</ref> | *You can’t own [[cash]], either.<ref>This is controversial but defendible view — not because your rights to [[cash]] are in some way attenuated compared to your rights over [[property]], but because [[cash]] is ''[[sui generis]]'': a special, otherworldly, elusive thing, not susceptible of mortal, human impulses like “[[ownership]]”.</ref> | ||
Revision as of 02:29, 31 December 2021
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Something capable of being owned. Not just held, but owned. The bonus plan, as Ford Fairlane would say[1]. Possession and ownership are different things. Ownership implies you can keep it, pledge it, licence it, lease it, declare a trust over it — you can act as an economic rentier with respect to it.
There is real property (i.e., land), personal property (material, ownable stuff that isn’t land) and intellectual property (immaterial, ownable stuff.
I know what you are thinking, and you’re right: weasel word alert. “Material” and “ownable”.
Material versus immaterial: Being “material” usually involves some kind of extension into the physical realm of some sort: easy cases are things like bicycles, Stratocasters or books, but some fairly intangible things count as material: non-cash financial assets for very good example. And also books as things — paper, ink, binding and so on — are certainly items of personal property; the disembodied copyrightable text embedded in that physical substrate is not personal property; it is intellectual property.
Ownable: This might seem a little circular, but to be property, something must be capable of being owned. Most things are capable, in theory, or being owned: for real and personal property ownership means being able to give up possession of the item without surrendering title to it: I could lend you my Stratocaster, or pledge it to you as security for my debts (I won’t, by the way, before you ask) but, until you enforce some security over it, it remains mine. Cash is not property, since title passes by transfer, and no-one has a better claim to cash than the person in whose wallet it sits for the time being.[2] In intellectual property since there is a threshold requirement of creativity, there is no copyright in simple data, so data cannot be owned “intellectual property”.
Short points
- You can’t own data that doesn’t amount to intellectual property.
- You can’t own cash, either.[3]
See also
- Law of Property (Miscellaneous Provisions) Act 1994
- Thing in action
- Cash
- Bitcoin (which is not cash).
References
- ↑ “Ford! Ford! We just needed to be held!”
“Well, you got the bonus plan. Ohhh.” - ↑ Most money sits in a bank account, and one’s rights to a bank account, being ones claim for a payment of money by the bank, is a personal property right.
- ↑ This is controversial but defendible view — not because your rights to cash are in some way attenuated compared to your rights over property, but because cash is sui generis: a special, otherworldly, elusive thing, not susceptible of mortal, human impulses like “ownership”.