Property (law)

In law a concept used to define (1) the aggregate of belongings and material values possessed by a person (this is the most common interpretation of the term “property” as found in Soviet legislation); (2) the aggregate of belongings and of property rights to receive property from other persons; and (3) the aggregate of belongings, property rights, and obligations that characterize the financial standing of their possessor. When property is considered in the first two senses, Soviet law, in establishing rules about the responsibility of socialist organizations in terms of their obligations, defines the extent of this responsibility within the limits of the property that belongs to them (allotted to them) and upon which execution can be levied.