Propety was originally a Greek word meaning “properly”, or “in a proper manner”. The meaning is apparent in the name as it is formed from the pronoun ‘pri-pa-ty” (meaning ‘in a correct way’) and the adjective ‘ly’ (designating ‘law’. This was the first definition of the Property as it relates to the common law. The second meaning clearly reveals the meaning of the Property as a concept in the United States common law: “A real or personal property right, distinctively speaking, possessed by a person and exercisable by him alone or by others, with the legal right to dispose of, alter, improve, rent, sell and lend it, his ancestors or his successors in all circumstances affecting the use and enjoyment of it, on payment of just compensation.”
The third definition of propety is used to describe a set of symbols, primarily numbers and letters. The use of these symbols was primarily to mark debts owed to someone and debts owed by a person to another, according to legal definitions. The use of propety in a debt-type definition refers to the creditor’s claim that the debt was owed in a proper manner and legally could be collected through a series of actions, such as attachment of property, legal claims of right-fulness of communications, etc. Propety in this sense is equivalent to the English word “ensure”.
Propety as a meaning of property was further defined by the United States government as the right of a person to enjoy personal liberty and physical freedom. Thus, freedom of speech and press were considered to be related with the ownership of real property. Thus, freedom of contract was defined as the freedom of persons to enter into a mutually advantageous agreement in relation to the conduct of their business for which they have the lawful right to the protection of law. A further definition of propety is the right of a man to enjoy the property in its original condition. Thus, the right to dispose of and enter into a contractual relationship with other persons was regarded as relating to the ownership of real property. Thus, the right to ownership was seen as the core meaning of propety, apart from other important meanings associated with it.
The definition is further complex by adding to the meaning of propety a series of additional terms, which include original number, property, and the term identity property. The original number, which refers to an individual or group of individuals, is the property number. Property, as defined by the U.S. Government, may be real or personal. Personal property may consist of money, goods, chattel, personal effects, and rights. Real property, on the other hand, may consist of land, buildings, fixtures, and supplies. In addition, the term identity property refers to an individual’s exclusive right to use a particular property.
Propety is the equality implied by the existence of different individuals having equal rights. Propety thus defines the concept of equality. It is not necessary that each individual has an equal right to use property. For example, if a man owns a hundred thousand dollars in personal property, then he is regarded as an owner of a hundred thousand dollars worth of property. Likewise, if a man owns fifty thousand dollars in stocks, then he is considered to own half a million dollars worth of stock, hence the term equality.
Although equality of rights underpins the definition of propety, one must also understand that this is not equivalent to the absence of inequality. The concept of equality may still be found lacking in some contexts. For example, an action taken to protect the rights of an individual to engage in some activity does not imply that the same activity would not have been allowed in the case of another. However, the lack of equality does not necessarily mean that the same activities would not be allowed by another. The equality here refers merely to the lack of unequal access to the property in question.