Discussion Question

How do you feel about the principle that the first possessor of property owns it? What are the benefits of this principle? What are the negative aspects of the principle?

Practice Question

Ernest is walking down the street when he sees a flash of light and a large object fall from the sky. Ernest immediately recognizes that a meteor has hit the earth. He runs over to where the meteor landed and finds that the meteor contains a large chunk of precious metal. He picks up the precious metal and takes it home. Does Ernest own the metal?

• The theory of first possession of property allows that a person holds or takes possession and ownership of something and is justified simply by the fact that they came to have the property before anybody else. Also this theory says that if the person claims the right to first occupancy or original entry. This rule grants on ownership claim to the party that gains control before other potential claimants. First possession is also a powerful norm in many societies, where it is better known as finders keepers. In the practice question, Ernest has a right to claim first ownership on the precious metal he collected following the meteorite impact as he was the first person to take possession of it.