Property Law China EU Law School

I. Summary previous lectures Modern property law I I. Summary previous lectures II. Today’s topic: Problems with the “classical model”, an overview of modern property law

Separation between subject and object Modern property law I Separation between subject and object No separation: no property law Subjects of property law: natural persons, legal persons and “patrimony” Traditional objects of property law: Corporeal things, particularly land (Germany) Incorporeal things (sometimes: France) Separate status for intellectual property?

Focus on longer on land: Modern property law I Focus on longer on land: Movables Claims New objects: “Virtual property” Cf. developments in succession law: Strengthening the position of the surviving spouse Lesser protection for the children

Policy choices Modern property law I (1) Separation between the law of obligations and the law of property? (2) Ownership: a uniform right (i.e. not to be fragmented in a feudal sense or according to the will of the parties)? (3) Is ownership protected, when does commerce or the general interest prevail?

No longer a strict separation between contract/tort and property Modern property law I No longer a strict separation between contract/tort and property New financial “products” (“derivatives”) Risks: subprime mortgages as underlying value, credit crisis Contractual security arrangements: prime example retention of title Freedom of contract in property law?

Maximum rights: ownership, a unitary right, but what about: Modern property law I Maximum rights: ownership, a unitary right, but what about: “unbundling” of energy networks: a return of the feudal system or a return of marxism? trust-like arrangements (separation between management and benefit of assets): trust account (notaries, lawyers)

Leading principles (1) Modern property law I Numerus clausus: a principle or a rule? Freedom of contract in property law (already discussed)? Fragmentation of owernship (already discussed)?

Leading principles (2) Modern property law I Transparency Specificity: no longer strictly applied in security arrangements Publicity: not applied in case of large financial transactions (“financial collateral arrangements”) Privatisation of publicity (credit rating agencies)

Ground rules Modern property law I No fundamental changes Final question: Does a new object of property law demand a rethinking of our traditional categories of property rights?