Definition
Titling systems are the institutions used to enforce property rights as rights in rem and reduce the cost of transacting on them. To be effective in non-local markets, they require a registry, which produces information on claims or rights, thus allowing the judge to verify them, establish their relative priority, and solve conflicts between claimholders by adjudicating rights in rem and in personam to them. Since the judge relies on register evidence, access to registers also allows contractual parties to reduce their information asymmetry before transacting.
Introduction: The Tradeoff between Property Enforcement and Transaction Costs
Rights to land and many other assets can be enforced as property rights, iura in rem, claimable against the asset itself and therefore valid against all persons, erga omnes. These property rights are said to “run with the land,” meaning that they survive unaltered through all kinds of transactions, and transformations dealing with other...
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References
Arruñada B (2012) Institutional foundations of impersonal exchange: the theory and policy of contractual registries. University of Chicago Press, Chicago
Baird DG, Jackson TH (1984) Information, uncertainty, and the transfer of property. J Leg Stud 13:299–320
Further Reading
Arruñada B (2003) Property enforcement as organized consent. J Law Econ Org 19:401–444
Arruñada B (2011) Property titling and conveyancing. In: Ayotte K, Smith HE (eds) Research handbook on the economics of property law. Edward Elgar, Cheltenham, pp 237–256
Arruñada B (2015) The titling role of possession. In Chang Y (ed) The law and economics of possession. Cambridge University Press, Cambridge
Arruñada B, Garoupa N (2005) The choice of titling system in land. J Law Econ 48:709–727
Deininger K, Feder G (2009) Land registration, governance, and development: evidence and implications for policy. World Bank Res Obs 24:233–266
Ellickson RC, Thorland CD (1995) Ancient land law: Mesopotamia, Egypt, Israel. Chicago-Kent Law Rev 71:321–411
Hansmann H, Kraakman R (2002) Property, contract, and verification: the numerus clausus problem and the divisibility of rights. J Leg Stud 31:S373–S420
Merrill TW, Smith HE (2000) Optimal standardization in the law of property: the numerus clausus principle. Yale Law J 110:1–70
Merrill TW, Smith HE (2001) The property/contract interface. Columbia Law Rev 101:773–852
Merrill TW, Smith HE (2001) What happened to property in law and economics? Yale Law J 111:357–398
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Arruñada, B. (2014). Titling Systems. In: Backhaus, J. (eds) Encyclopedia of Law and Economics. Springer, New York, NY. https://doi.org/10.1007/978-1-4614-7883-6_536-1
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DOI: https://doi.org/10.1007/978-1-4614-7883-6_536-1
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Titling Systems- Published:
- 24 March 2021
DOI: https://doi.org/10.1007/978-1-4614-7883-6_536-2
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Titling Systems- Published:
- 11 November 2014
DOI: https://doi.org/10.1007/978-1-4614-7883-6_536-1