MSD – Property & Insolvency Law
Spring Semester 2026
Tilburg University, LL.B. Global Law (Year 2)
Master Study Document – Property and Insolvency Law
Table of Contents
Section 1: Introduction to Property Law.................................................................................................5
What is property law?........................................................................................................................5
The central questions of property law................................................................................................5
Why property rights exist: theoretical perspectives...........................................................................5
The global context of property law.....................................................................................................6
The link to insolvency and finance......................................................................................................6
Section 2: Property rights v personal rights............................................................................................8
The fundamental distinction...............................................................................................................8
Key characteristics of property rights.................................................................................................8
The erga omnes effect....................................................................................................................8
Droit de suite (right to follow).........................................................................................................8
Priority and exclusivity....................................................................................................................8
Property, contract, and tort compared...............................................................................................9
Section 3: The objects of property law.................................................................................................10
Tangible v intangible objects.............................................................................................................10
Movable v immovable property........................................................................................................10
Intangible assets: claims, IP, data......................................................................................................10
Limits: the human body and its parts...............................................................................................11
Section 4: Comparative property law: civil law v common law.............................................................12
The civil law tradition (France, Germany, Netherlands)....................................................................12
The common law tradition (England and Wales)..............................................................................12
The role of equity.............................................................................................................................13
The trust: a common law innovation and civil law difficulties..........................................................13
Section 5: Core principles of property law............................................................................................15
The principle of numerus clausus (closed number)..........................................................................15
The principle of specificity................................................................................................................15
The principle of publicity..................................................................................................................16
The nemo dat rule (nemo pus juris)..................................................................................................16
The prior tempore rule (prior tempore, potior iure)..........................................................................17
Section 6: Ownership (primary right)....................................................................................................18
Definition and content of ownership................................................................................................18
Limits on ownership.........................................................................................................................18
Ownership in common law: the estate system.................................................................................19
1
, MSD – Property & Insolvency Law
Spring Semester 2026
Tilburg University, LL.B. Global Law (Year 2)
Relativity of title...............................................................................................................................19
Co-ownership...................................................................................................................................19
Section 7: Limited property rights: use rights.......................................................................................21
General features of limited rights.....................................................................................................21
Theoretical models: subtraction v limitation....................................................................................21
Real servitudes (civil law)/easements (common law).......................................................................21
Definition and core requirements.................................................................................................21
Re Ellenborough Park [1956] EWCA Civ 4.....................................................................................22
Adealon v Merton LBC [2007] EWCA Civ 362................................................................................23
Personal servitudes...........................................................................................................................23
Usufruct........................................................................................................................................23
Right of use and habitation...........................................................................................................24
German special forms: limited personal servitude and Reallast...................................................24
Emphyteusis (long lease)..................................................................................................................24
Superficies........................................................................................................................................25
Apartment rights (condominium).....................................................................................................25
The lease as a property right in English law......................................................................................26
Section 8: Limited property rights: security rights................................................................................27
Purpose and economic function.......................................................................................................27
Core principles: accessority, publicity, specificity..............................................................................27
Pledge (possessory and non-possessory).........................................................................................27
Hypothec/mortgage.........................................................................................................................28
Charge (fixed and floating – England)...............................................................................................29
Ownership as security: retention of title, fiduciary transfer.............................................................31
Comparative overview......................................................................................................................31
Section 9: Original acquisition of ownership........................................................................................32
Occupation (occupatio).....................................................................................................................32
Creation by labor (specificatio).........................................................................................................32
Commingling (confusio/commixtio)..................................................................................................33
Accession..........................................................................................................................................33
Acquisitive prescription (adverse possession)..................................................................................34
Section 10: Transfer of ownership........................................................................................................36
Three core requirements..................................................................................................................36
Transfer systems: causal/abstract and consensual/tradition............................................................36
Transfer of movables – comparative rule..........................................................................................37
Transfer of immovables – registration systems.................................................................................37
2
, MSD – Property & Insolvency Law
Spring Semester 2026
Tilburg University, LL.B. Global Law (Year 2)
Methods of delivery (traditio)..........................................................................................................37
Section 11: Reservation of ownership (retention of title).....................................................................39
Simple retention of title....................................................................................................................39
Extended retention of title...............................................................................................................39
Limitations of retention of title.........................................................................................................40
Alternatives to strengthen supplier position.....................................................................................40
Section 12: Termination of property rights...........................................................................................41
Section 13: Actions to protect ownership and possession....................................................................42
Vindication (rei vindicatio)................................................................................................................42
Possessory actions............................................................................................................................42
Tort law protection...........................................................................................................................43
European Human Rights protection..................................................................................................43
Section 14: Boundaries, encroachments, and nuisance........................................................................44
Encroachment: remedies and proportionality..................................................................................44
Nuisance: interference with enjoyment...........................................................................................44
Section 15: Corporate finance test: debt v equity................................................................................46
Section 16: Securitization: structure, SPV, trancing, risks.....................................................................47
Section 17: Derivatives and the 2008 financial crisis............................................................................48
Section 18: Islamic finance: prohibitions and stability features............................................................49
Section 19: Conflict of laws in cross-border finance.............................................................................50
Section 20: Financial distress: causes and transition............................................................................51
Section 21: Restructuring v bankruptcy (liquidation)............................................................................52
Creditor hierarchy and priority rules.................................................................................................52
Liquidation value v reorganization value..........................................................................................52
Section 22: Restructuring frameworks..................................................................................................54
US Chapter 11 reorganization...........................................................................................................54
UK Scheme of Arrangement (Part 26 Companies Act 2006).............................................................54
UK Restructuring Plan (Part 26A Companies Act 2006)....................................................................55
Dutch WHOA (Wet homologatie onderhands akkoord)....................................................................55
EU Restructuring Directive (2019/1023)...........................................................................................56
Section 23: Cross-border insolvency.....................................................................................................57
Territorialism, universalism, modified universalism..........................................................................57
European Insolvency Regulation (EIR) 2015/848 (recast).................................................................57
UNCITRAL Model Law on Cross-Border Insolvency (1997)................................................................58
Chapter 15 US Bankruptcy Code.......................................................................................................58
Case study: Oi Telecom.....................................................................................................................59
3
, MSD – Property & Insolvency Law
Spring Semester 2026
Tilburg University, LL.B. Global Law (Year 2)
Section 24: Comparative tables – all core topics...................................................................................60
Table 1: Transfer systems..................................................................................................................60
Table 2: Security rights......................................................................................................................60
Table 3: Restructuring tools..............................................................................................................60
Section 25: Exam frameworks and problem-solving approach.............................................................62
Section 26: Glossary of key terms.........................................................................................................64
4
Spring Semester 2026
Tilburg University, LL.B. Global Law (Year 2)
Master Study Document – Property and Insolvency Law
Table of Contents
Section 1: Introduction to Property Law.................................................................................................5
What is property law?........................................................................................................................5
The central questions of property law................................................................................................5
Why property rights exist: theoretical perspectives...........................................................................5
The global context of property law.....................................................................................................6
The link to insolvency and finance......................................................................................................6
Section 2: Property rights v personal rights............................................................................................8
The fundamental distinction...............................................................................................................8
Key characteristics of property rights.................................................................................................8
The erga omnes effect....................................................................................................................8
Droit de suite (right to follow).........................................................................................................8
Priority and exclusivity....................................................................................................................8
Property, contract, and tort compared...............................................................................................9
Section 3: The objects of property law.................................................................................................10
Tangible v intangible objects.............................................................................................................10
Movable v immovable property........................................................................................................10
Intangible assets: claims, IP, data......................................................................................................10
Limits: the human body and its parts...............................................................................................11
Section 4: Comparative property law: civil law v common law.............................................................12
The civil law tradition (France, Germany, Netherlands)....................................................................12
The common law tradition (England and Wales)..............................................................................12
The role of equity.............................................................................................................................13
The trust: a common law innovation and civil law difficulties..........................................................13
Section 5: Core principles of property law............................................................................................15
The principle of numerus clausus (closed number)..........................................................................15
The principle of specificity................................................................................................................15
The principle of publicity..................................................................................................................16
The nemo dat rule (nemo pus juris)..................................................................................................16
The prior tempore rule (prior tempore, potior iure)..........................................................................17
Section 6: Ownership (primary right)....................................................................................................18
Definition and content of ownership................................................................................................18
Limits on ownership.........................................................................................................................18
Ownership in common law: the estate system.................................................................................19
1
, MSD – Property & Insolvency Law
Spring Semester 2026
Tilburg University, LL.B. Global Law (Year 2)
Relativity of title...............................................................................................................................19
Co-ownership...................................................................................................................................19
Section 7: Limited property rights: use rights.......................................................................................21
General features of limited rights.....................................................................................................21
Theoretical models: subtraction v limitation....................................................................................21
Real servitudes (civil law)/easements (common law).......................................................................21
Definition and core requirements.................................................................................................21
Re Ellenborough Park [1956] EWCA Civ 4.....................................................................................22
Adealon v Merton LBC [2007] EWCA Civ 362................................................................................23
Personal servitudes...........................................................................................................................23
Usufruct........................................................................................................................................23
Right of use and habitation...........................................................................................................24
German special forms: limited personal servitude and Reallast...................................................24
Emphyteusis (long lease)..................................................................................................................24
Superficies........................................................................................................................................25
Apartment rights (condominium).....................................................................................................25
The lease as a property right in English law......................................................................................26
Section 8: Limited property rights: security rights................................................................................27
Purpose and economic function.......................................................................................................27
Core principles: accessority, publicity, specificity..............................................................................27
Pledge (possessory and non-possessory).........................................................................................27
Hypothec/mortgage.........................................................................................................................28
Charge (fixed and floating – England)...............................................................................................29
Ownership as security: retention of title, fiduciary transfer.............................................................31
Comparative overview......................................................................................................................31
Section 9: Original acquisition of ownership........................................................................................32
Occupation (occupatio).....................................................................................................................32
Creation by labor (specificatio).........................................................................................................32
Commingling (confusio/commixtio)..................................................................................................33
Accession..........................................................................................................................................33
Acquisitive prescription (adverse possession)..................................................................................34
Section 10: Transfer of ownership........................................................................................................36
Three core requirements..................................................................................................................36
Transfer systems: causal/abstract and consensual/tradition............................................................36
Transfer of movables – comparative rule..........................................................................................37
Transfer of immovables – registration systems.................................................................................37
2
, MSD – Property & Insolvency Law
Spring Semester 2026
Tilburg University, LL.B. Global Law (Year 2)
Methods of delivery (traditio)..........................................................................................................37
Section 11: Reservation of ownership (retention of title).....................................................................39
Simple retention of title....................................................................................................................39
Extended retention of title...............................................................................................................39
Limitations of retention of title.........................................................................................................40
Alternatives to strengthen supplier position.....................................................................................40
Section 12: Termination of property rights...........................................................................................41
Section 13: Actions to protect ownership and possession....................................................................42
Vindication (rei vindicatio)................................................................................................................42
Possessory actions............................................................................................................................42
Tort law protection...........................................................................................................................43
European Human Rights protection..................................................................................................43
Section 14: Boundaries, encroachments, and nuisance........................................................................44
Encroachment: remedies and proportionality..................................................................................44
Nuisance: interference with enjoyment...........................................................................................44
Section 15: Corporate finance test: debt v equity................................................................................46
Section 16: Securitization: structure, SPV, trancing, risks.....................................................................47
Section 17: Derivatives and the 2008 financial crisis............................................................................48
Section 18: Islamic finance: prohibitions and stability features............................................................49
Section 19: Conflict of laws in cross-border finance.............................................................................50
Section 20: Financial distress: causes and transition............................................................................51
Section 21: Restructuring v bankruptcy (liquidation)............................................................................52
Creditor hierarchy and priority rules.................................................................................................52
Liquidation value v reorganization value..........................................................................................52
Section 22: Restructuring frameworks..................................................................................................54
US Chapter 11 reorganization...........................................................................................................54
UK Scheme of Arrangement (Part 26 Companies Act 2006).............................................................54
UK Restructuring Plan (Part 26A Companies Act 2006)....................................................................55
Dutch WHOA (Wet homologatie onderhands akkoord)....................................................................55
EU Restructuring Directive (2019/1023)...........................................................................................56
Section 23: Cross-border insolvency.....................................................................................................57
Territorialism, universalism, modified universalism..........................................................................57
European Insolvency Regulation (EIR) 2015/848 (recast).................................................................57
UNCITRAL Model Law on Cross-Border Insolvency (1997)................................................................58
Chapter 15 US Bankruptcy Code.......................................................................................................58
Case study: Oi Telecom.....................................................................................................................59
3
, MSD – Property & Insolvency Law
Spring Semester 2026
Tilburg University, LL.B. Global Law (Year 2)
Section 24: Comparative tables – all core topics...................................................................................60
Table 1: Transfer systems..................................................................................................................60
Table 2: Security rights......................................................................................................................60
Table 3: Restructuring tools..............................................................................................................60
Section 25: Exam frameworks and problem-solving approach.............................................................62
Section 26: Glossary of key terms.........................................................................................................64
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