– The essence of authority proceeds from the relation between the authority and the object. A father and an uncle or grandfather have different kinds of authority over the same child in virtue of the relation between them.
– The obligations incumbent on the authority proceed from the nature of the object. The obligations differ between ownership of a nickel or a priceless painting or a dog though the authority is formally the same.
– Owning stock, bonds, commodities or other securities imply different obligations with respect to the objects of the authority of ownership.