ABSTRACT
This chapter, 'The Public Nature of Property Rights', argues that statutes adjusting the terms of ownership should be considered to be part of property law just as fully as are common law rules. The author claims that there is no essential difference between what we may term the private law and the public law of property. Property law creates rights and duties in regard to resources regardless of whether it originates in the common law or in local, state, or federal legislation. The author focus is not the merits of any a particular land use policy or allocation of rights, but that legislation and administrative oversight create new opportunities to recognize a variety of rights and duties, none of which should be considered "outside" property law. One may still criticize aspects of security interests as inefficient or unfair, even as "neo-feudal", but not competently argue that they are not property, despite their legislative origins and administrative operation.
