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is defined as a “Bundle of Sticks” with each “Stick” representing a Legal Right. Thus, it
is apparent, that even at this most Concrete Level, Property is still abstract, or
Metaphysical. Property is not the dirt, not the house, not the building. Instead Property
is a grouping of Legal Rights. In Physics or Chemistry we can study the “dirt,” while in
Property we study the Legal right. Once again, this is why Logical Positivism cannot at
all account for Law or Property, because Property is based upon Abstract Human
Relationship between Persons, with respect to some thing, tangible or intangible.” Once
again, it is apparent that Property is not the “dirt,” not the house, not the building, but
instead is an abstract Legal Relationship. Property is the Legal Relationship, not the
Bernard Lonergan, puts it, that which is real, is that which I judge to be real, based upon
Matter, and Form. Substance is Property as its most real, that is, Real Property.
Personal Property is based upon Matter. Matter is the Substance of the Material
Universe. Finally, Contract is based upon Form. Form has relatively little Substance or
Matter, and is purely formal, or abstract. Money, for example, is Personal Property at its
With respect to Property as Substance, it is clear that this notion is consistent with the
Ancient and Medieval notions of Property. In Medeival England Real Propety was
ceremony between a Lord and Vassal through a ceremony where a clod of dirt with straw
in it was separated from the Land and given by the Lord to the Vassal to indicate a