This Article suggests that common ownership — better described as "plural ownership" to distinguish the phenomenon from semicommons — may usefully be analyzed from a dual perspective. Plural ownership may simultaneously be seen on the one hand as an aggregation of individualized rights, duties and intentions, and on the other as giving rise to a real entity with a group mind and corporate rights and duties distinct from those of the individual owners. For the purposes of understanding this dualism, the most developed and interesting form of plural ownership is the trust fund with multiple controllers and beneficiaries, an ancient device that now serves as the bedrock of modern capitalism. The fund is here subjected to legal, historical and philosophical scrutiny to uncover how group personality is generated by plural ownership in the absence of formal legal incorporation.
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