Review of Title, Value, and Concurrent and Future Interest Concepts in Property Law

Kenneth Salzberg (associate professor of law, Hamline University) has published his article entitled Life Estates, Ghost Value Transfers, and Phantom Takings: Confusions of Title and Value in Property Law Legislation, 22 Quinnipiac Prob. L.J. 363 (2009).

The introduction to the article is below:

As a professor who has taught property law for thirty-five years, I know that many of the concepts dealing with title and value that I teach are difficult and confusing for my first-year students. As a sometime member of legislative advisory committees on property law, I have recently been surprised, and a little shocked, that many practicing attorneys and sitting legislators, even the ones who are lawyers, are also confused about these basic concepts. This is rather disturbing, because while confusion in a first-year student may impact their grade in property, this continuing confusion in a practicing attorney or legislator may result in unwise legislation or incorrect interpretation or confusing applications of existing laws. In fact, an increasing number of state legislatures and courts have been getting their analysis of owners’ rights and interests in land wrong.

I would like to begin by reviewing some of the key concepts of title and value. This should help sort out the confusion for legislators without legal backgrounds, and refresh the memories of practicing attorneys. Next, I will consider some of the typical issues that arise in concurrent interests and in future interests in land when value and title change. I will then examine some specific areas where misunderstanding some of the key concepts of property law is creating practical problems: in life estates, joint tenancies, and government regulation of land. At the end, I will suggest some practical solutions to these misunderstandings and misconceptions.