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Asymmetric Information and the Law of Servitudes Governing Land

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dc.contributor.author Dnes, Antony William
dc.date.accessioned 2017-04-10T20:45:02Z
dc.date.available 2017-04-10T20:45:02Z
dc.date.issued 2009-01
dc.identifier.citation Dnes, Antony and Dean Lueck. "Asymmetric Information and the Law of Servitudes Governing Land." The Journal of Legal Studies, no. 1, 2009, p. 89. EBSCOhost, doi:10.1086/590067.
dc.identifier.issn 00472530
dc.identifier.issn 15375366
dc.identifier.other 10.1086/590067
dc.identifier.uri http://hdl.handle.net/11416/267
dc.identifier.uri https://search.ebscohost.com/login.aspx?direct=true&AuthType=shib&db=edshol&AN=edshol.hein.journals.legstud38.7&site=eds-live&scope=site&custid=s5615486
dc.description.abstract The legal doctrine on servitudes has long been viewed as a Byzantine tangle of doctrine emanating from property law, contract law, and courts of equity. This paper explains the structure of the law governing servitudes on land using key ideas from the economics of information, focusing on easements and covenants and the rules governing their formation and application. We develop a model of land markets that incorporates asymmetric information (adverse selection) and specialization in ownership and use this to offer a rationale for the seemingly ad hoc limits on the use of servitudes. We stress the inability of sellers of land credibly to assure buyers that land is not encumbered by servitudes. Our model explains variations in legal doctrine over time and across jurisdictions, particularly comparing servitudes in the United States and in England.
dc.publisher The University of Chicago Press
dc.subject Contracts Law
dc.subject Real Property
dc.subject Limited use rights
dc.subject Easements
dc.subject Property Law
dc.subject Restrictive Covenants
dc.subject Covenants
dc.subject Running With Land
dc.title Asymmetric Information and the Law of Servitudes Governing Land
dc.type Article

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