The article has substantiated the process of the de facto replacement of the right of private property by the rights of use; distinguished stages in the development of the private property institution in Ukraine; specified grounds for the emergence and termination of the right of private property and the rights of use; refined sense and scope of responsibility of the private owner and the holder;identified the main instrument of substitution of the right of private property by the rights of use; traced preconditions for passing inconsistent judgements on property protection by the ECHR; and analyzed possible consequences of further substitution of the right of private property by the rights of use. Regard to findings of the study it was considered about instability of the private property institution; identity between unofficial grounds for the termination of the right of private property and unofficial grounds for the emergence of the rights of use; existence of the direct threat to owner status in Ukraine; absence of legal grounds for increasing the sense of owner responsibility, including taxation of the private property; transformation of the feudal law into the modern rights of use combined with the right of possession; possibility of establishing a real type of polity and prospects for its development by ways of regulation of the ownership relations. The article has also considered about creating preconditions for restoring the feudal law and replacing democratic polity by a monarchy in Ukraine and other countries owing to severe restrictions on the right of private property, above all, through taxation of the privateproperty, and its de facto replacementby the rights of use.
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