James E. Penner ponders with much insight both the notion of property and its place in the legal system, and his musings prove fascinating. Penner proposes that the idea of property as a "bundle of rights"--including the right to possess, the right to use, the right to destroy, etc.--is deficient as a concept. That is, it fails to effectively characterize any particular sort of legal relation and evades attempts to determine which rights are crucial to the "bundle". By way of a thorough exploration of property rules, property rights, and the interests which property serves and protects, Penner develops an alternative interpretation, and then considers how property functions within the broader legal system.