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Abstract: This article traces the parallel developments of the Ukrainian transition from Soviet to post-Soviet law and from state to private property. To do this, the article is divided into four parts. The first examines the transition of the Ukrainian legal system from pre-Soviet to post-Soviet law. The second traces the microcosm of that transition as it occurred through the failed adoption of private property introduced in the law of post-Soviet Ukraine. The third demonstrates that the flawed approach by which private property has been adopted, with little if any real and effective regulation in post-independence Ukraine, has produced negative consequences for the Ukrainian people. The final part concludes. Keywords: Ukrainian Law, Soviet Law, Civil Law, Post-Soviet Law, Property, Obligation, Regulation