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What does it mean to speak of property in terms of the" right to exclude"? As a direct consequence of equity's avowed preference for property (over personal) rights in the grant of exclusionary relief, courts and scholars have developed a view that identifies property's right to exclude as meaning little more than an entitlement to injunctive relief against a continuing (or repeated) interference with a resource. This view attributes to the right an entirely consequentialist meaning, under which the right—and indeed all of property—is normatively meaningless except when sought to be enforced in a court of law. If property, as a fundamental social institution, is important outside