I can only remember hearing that once as a child.

It was in the context of “If you don’t give me XXX or do YYY I’ll just call the police / CPS and have them come take me away!” when I was maybe 8 years old.

I don’t know which of us said it, but dad’s response was something like “Well ok, you do what you have to do, but just remember all your stuff that’s here was bought for my kids with my money and so it stays here. And you still have to deal with me and the house rules for as long as it takes them to get here.”

Needless to say, no agency was ever called (and never needed calling in the first place).

I also can’t conceive of a circumstance to assert property rights over my kids’ stuff in my day to day life. Like, what, give me your tablet because I’m bored and it’s actually mine? Sounds pretty juvenile.