Class Notecards Flashcards
3 types of land
- real
- personal
- intellectual
Property
-ownership relationship humans have with property
7 ways to acquire property
- Creation (originator-it is yours)
- Capture (has no owner, you seize it)
- Finding
- Purchase
- Gift (transfers ownership)
- Confusion (only happens when property is fungible - interchangeable- must be the same, ex. money in different bills)
- Accession
Lost Property
-the person who lost it is unaware or does not know where they lost it; belongs to finder as long as it is found public
Mislaid Property
-belongs to the person whose land property is found. If they put it there and forgot about it
Abandoned Property
- can belong to the public if found in the public
- belongs to property owner if found on private property
- giving up ownership
- (ex. a couch in the grassy median)
3 elements of a valid gift
- Intent
- Acceptance
- Delivery (actual or symbolic)
Inter vivos gift
- a gift made while someone is alive
Elements to a Donatio Causa Mortis Gift
- Made in anticipation of Impending Death
- Actual Death from the source of peril contemplated
- Donative Intent
- Acceptance
- Delivery
Elements to a valid accession claim
- Labor
- Increase in Value
- In Good Faith
New Way (Accession Claim)
-if property is taken in good faith and worked on to increase value, it becomes the new properties owner
Old Way (Accession Claim)
-physical, visible transformation becomes the property of the new owner
Elements of a bailment
- transfer of possession
2. Intent to be returned
3 kinds of bailment
- Benefit of Bailor
- Benefit of Bailee
- Beneficial to Both
Benefit to Bailor
- can I leave my car with you
- very low responsibility
Benefit to Bailee
- borrowing speedboat
- very high responsibility
Beneficial to both
-valet parking
Common Carriers
- cannot decide when to accept or not accept a bailment
- fedex, ups, usps, delta, united
- businesses that hold themselves out as bailees for hire (warehouses)
- they can post (and apply to everyone) things they will not bail in advance
- if they take the property, they have strict liability (absolute responsibility)
Fixture
- item of personal property permanently affixed to real property
- can be removed if it can be done so without showing that it ever existed
Fasces
- symbol of ancient Rome
- lictor carries it
Fascism
-originated from Fasces. Benito Mussolini aaas obsessed with returning “glory” to Rome/Italy
Fee Simple Absolute
- you are the only person who could claim an ownership interest in your land
- from “a (grantor)” to “b (grantee)”
- whatever A had, B now has
Life Estate
- from “a” to “b” for the life of “c”
- B’s interest is ended on C’s death & B’s interest
- called a “life estate” for another life (pour autre vie)
Come BACK to A to B STUFF
Come BACK to A to B STUFF
2 categories of interest in land
- possessory
- non-possessory
Possessory Interest
- estates classified according to the quantity, nature, and extent of the rights they involve into 2 major categories:
- -Freehold
- -Less than freehold
Non-possessory Interest
-easements, profits a prendre; priviledged or license to go on property for certain purposes
Ownership (individual or multiple)
-may be held individually or concurrently by two or more person, each of who m is entitled to an undivided interest in the entire property
Freehold Estate
- a right of ownership of real property for an indefinite time (fee estate) or for the life of a person (life estate)
- Best type of property estate is one that gives you immediate possession and ownership for life
- Estate without immediate right to possession is known as a future interest
Fee Estates
- include the right to immediate possession for an indefinite time and the right to transfer the interest by deed or will
- include both simple and qualified fee estates
Fee Simple Estate
- the property is owned absolutely and can be sold or passed on at will; this provides the greatest possible ownership interest
- basic characteristics:
- –transfer of ownership
- –transferring ownership through inheritance
- most extensive and comprehensive estate, all others are defied from it
- conveyance must be intended to convey full and absolute title in the absence of clear intent to the contrary
- grantor must have fee simple interest to transfer
2 types of concurrent ownership
- Tenancy in Common
- Joint Tenancy
Tenancy In Common
- can be multiple parties
- default way that parties relate
- profit/proceeds are directly attributable to percent of ownership (70% to Jeff, 30% to Erika)
- both entitled to 100% use
- legal benefits and other things are defined by percentage of ownership
- If Erika dies, she can do with her land what she wants, she can sell, bequeath, or give it away (ANYTHING)
- ——-Taxable Event
- Jeff has no ownership in her 30%
Joint Tenancy
- No corporate entities because they are forever; only humans
- Neither can do anything to this property without the others permission
- Default way married persons relate to property
- Fundamental distinction between married and not married
- If joint tenant dies, the other tenant retains 100% ownership (not a taxable event because nothing changed)
- Only 2 people
- Can have this outside of marriage but must have a separate contract
- All rights of marriage can happen “a la carte” without being married
Statute of Frauds
-written document (deed to protect against fraud)
Deed must be:
- descriptive
- written
- witnessed
- signed