By Gerrit De Geest
This article is quantity II of a five-volume reference paintings that surveys the total literature on legislations and economics. The entries encompass parts: a overview of the literature by means of an expert within the box and a bibliography which covers many of the released fabric within the specific zone.
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Extra info for Civil Law and Economics (Encyclopedia of Law and Economics , Vol 2)
Example text
The law of real covenants sets forth a number of ‘elements’ that must be met for a promise to ‘run’ with land: as covenants, they must be in writing; they must be intended to run; they must ‘touch and concern’ the land rather than being irrelevant to the ownership of interests in land; there must be ‘horizontal’ and ‘vertical’ ‘privity of estate’, abstruse requirements explained below; and under modern recording acts grantees of the affected interests in land must have notice of the covenants. These requirements apply separately to the burden (duty to perform) and the benefit (right to performance) of the covenant.
In one sense, this is a definitional matter: is the right to transfer inherent in the bundle of sticks we call ‘property’? The right of alienation is the first topic discussed below. Once owners have the right to divide and transfer their interests, rights in land can be divided in at least three ways. First, and most obvious, land rights are divided spatially. In addition to the ordinary horizontal division of land by region, the common law allows vertical division into surface estates and subsurface estates, useful to miners and spelunkers.
On average, trust land has a lower percentage of land in the top four land-capability categories, but the authors say that the difference is not sufficiently strong to reject the hypothesis that the land is equivalent. ) That the difference in rated capability is not strong enough to be significant does not mean that the difference might not indeed influence the actual land productivity. In addition, considering the obvious potential relationship between land quality and productivity, it is unfortunate that there were quality classification data for only 13 reservations.