Abstract
This chapter reflects the dynamic nature of the common law. It describes property rights as a collection of enforceable rights and correlative obligations, relating to the exclusive (or nonexclusive) possession of, access to, ability to deal with, and/or ability to use land (private or public) or some other defined natural resource. The chapter considers some of the traditional property concepts and techniques relevant to sustainable natural resource management; the modification and restrictions of those concepts by legislation in New Zealand; and new forms of property rights and further opportunities for evolution, adaptation, and invention in the future. It reviews the traditional property rights and rules that apply to natural resources; how these rights have adapted and evolved in the courts and through environmental and natural resources legislation; and the new forms of property and trading systems that have been invented to manage natural resources and achieve sustainable objectives. Keywords:natural resources; traditional property rights
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