Chapter

Reconceptualizing Property and Funds in Law and Economics

M. W. Lau

in The Economic Structure of Trusts

Published in print January 2011 | ISBN: 9780199602407
Published online May 2011 | e-ISBN: 9780191725203 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199602407.003.0008
Reconceptualizing Property and Funds in Law and Economics

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This chapter shows the restoration of property in law and in economics and the development of the fund concept. The key to restoring property as a coherent idea in law is to de-emphasize the right to exclude as traditionally understood. Nowadays, the right to exclude is no longer seen as a prerequisite to finding property. In trusts and beneficial interests, however, the right to exclude returns in a different guise and provides the foundation for understanding property in a fund. Property in a fund is a legal interest that is distinct from property in the fund's underlying assets. In economics, property has recently been explained as a coherent concept and its in rem nature can be justified on grounds of conserving information-processing costs.

Keywords: property; right to exclude; funds; beneficial interests; information processing costs; Thomas Merrill; Henry Smith; James Penner

Chapter.  5025 words. 

Subjects: Trusts Law

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