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The Economic Structure of TrustsTowards a Property-based Approach$
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M. W. Lau

Print publication date: 2011

Print ISBN-13: 9780199602407

Published to Oxford Scholarship Online: May 2011

DOI: 10.1093/acprof:oso/9780199602407.001.0001

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Reconceptualizing Property and Funds in Law and Economics

Reconceptualizing Property and Funds in Law and Economics

Chapter:
(p.125) 7 Reconceptualizing Property and Funds in Law and Economics
Source:
The Economic Structure of Trusts
Author(s):

M. W. Lau

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199602407.003.0008

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

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