(iii)
The interest is a mere equity imposing some obligation on the
legal owner.
(5)
Recognising Assignments. Equity recognises assignment of property
which common law did not recognise. For example, a chose in action was
originally not assignable at common law but was assignable in equity.
Agency Law
Agency law consists of two sets of rules. The basic rules determine the
necessary conditions for one person, the principal, to transfer their legal
authority to a second person, the agent, with the consequence that the agent
can exercise the principal’s legal authority and bind the principal in relation to a
third party. Hence, the agent can deal with a third party and bind the principal.
In addition to this basic rule, some ancillary rules determine other rights and
liabilities among the various combinations of parties, that is, the principal, the
agent and any third party.
Property Law
Property law has four constituents:
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(1)
Classification of Property. This is fundamental since it seeks to portray
the array or types of property interest that law recognises. Property interests
are analysed according to the three pronged scheme described above – holder,
interest and subject.
(2)
Proof of Property.
Proof of property shows legally who has what.
Proof of property encompasses the rules and means by which a holder proves
that they hold a property interest.
(3)
Protection of Property.
Rules for the protection of property keeps
property safe and sound. Protection of property incorporates the legal rules
(mainly from tort and criminal law) that allow a holder of an interest to protect
that interest by vindicating an invasion of their property or an interference with
it. Elements of any rule of tort or crime that protects property perform two
necessary functions. They will designate or incorporate property interest using
the three pronged scheme of holder, interest and subject. They will describe a
type of interference with that interest. Then the consequences of the tort or
crime will provide redress or punishment for those caught by the rule.
(4)
Transfer of Property. Transfer of property portrays property on the
move. It entails the present holder of an interest transferring all or part of their
interest to a new holder. To do this they need to comply with the legal rules
regulating transfer.
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These are described in more detail in Christopher Enright “A Model for
Analysing Property” (forthcoming) www.legalskills.com.au.
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