My general views on law are expressed here.
The basic idea is that law emerges from trial-and-error, not through theorization. Hence, theoretical considerations are less important than what works. But deciding what works, too, is not a theoretical matter. It cannot be solved by armchair thinking. Not legislators, not judges, not law professors, not economists (not even Austrian ones), not religious leaders, no one can cogitate law.
The only way to figure out the what the law is for people to try different solutions to their disputes until they find the ones that tend to work (keep the peace). This is as true of property law as any other kind of law.
Clayton -