Introduction to the nature of Property Flashcards
What is property?
Property can be either an object or thing which is capable of bring owned by a person or the proprietary rights (rights of ownership) to that thing.
What is real property?
Real property comprises land, and all things embedded in the land or attached to it such as minerals, trees and buildings. All real property rights are to land.
What is personal property?
Personal property is all property that is not real property.
What are the two classes of personal property?
The two classes of personal property are:
- chattels real
- chattels personal
What are chattels real?
Chattels real comprise leasehold interests.
Chat are the subcategories of chattels personal?
- Choses in possession
2. Choses in action
What are choses in possession?
Choses in possession are things that are moveable capable of actual physical possession and transfer by delivery.
What are choses inaction?
A chose in action is a personal property right to an intangible thing which is not capable of actual physical possession but only enforcable by taking legal action such as to compel the payment of a debt, insurance policies, debentures or intellectual property.
What is owenership?
Ownership denotes the “bundle” of rights assocaitated with the relationship of a person with a thing and which are exercisable against the whole world.
What is possession?
A person has possession of an object at law if he or she has control of it and intends to retain that control.
What are the two holding rights of co-ownership?
- Joint tenants
2. Tenants in common
What are joint tenants?
IN a joint tenancy, each joint tenant own and equal, undivided interest in the whole of the property.
What is the most important element of a joint tenancy?
The most important element of a joint tenancy is the right of survivorship.
The right of survivorship means that on the death of one joint tenant their concurrent interest automatically passes to the surviving joint tenant or tenants.
What is a tenancy in common?
A tenancy in common is a form of co-ownership where two or more persons own distinct shares in the property although each is equally entitled to possession of the property.
The most important difference between a tenancy in common and a joint tenancy is that there is no right of survirship for a tenancy in common. (the interests of the tenant in common do not teminate in their death and pass to the surviving tenants in common.)
What are the 5 different forms of possession?
- Custody
- Actual or defacto possession
- Legal possession
- Constructive possession
- The right to possession
What is custody as a form of possession?
Custody is not a true form of possession but exists where there is a physical holding of goods such as an employee using the goods in the course of employment or a bank holding the contents of a safety deposit box.
What is actual or de facto possession?
Actual or defacto possession is the most common form of possession and comprises physical control of a chattel and an intention to exclude others.
What is legal possession?
Legal possession is the state of being a possessor in the eye of the law. Legal possession may be actual or defacto but can also exist outside of these.
What is constructive possession?
Constructive possession is said to arise where constructive delivery of goods is accepted as having been made without any change in the actual possession of the thing delivered. Constructive possession may arise where a buyer has taken symbolic delivery as opposed to physical possession of goods.
Example, A yacht when the keys and possession have been handed over.
What is the right to possession?
A right to possession includes the legal right to acquire the physical or de facto possession of the goods if (for example) the rightful possessor has been wrongfully dispossessed.
What is possessory title?
When the courts refer to possession as conferring a “possessory title.”
What are the legal effects of possession?
- Possession of goods is presumptive evidence of their ownership in the absence of evidence to the contrary.
- possession is an essential factor in determining the rights of the finder of lost property
- interference with the possession of goods gives rise to the remedies of trespass, detinue and conversion
- certain interests in goods depend upon the possession of the goods
How can ownership of personal property be aquired?
- by purchase
- by assignement
- by gift
- by will or descent
- by taking possession of abandoned property
What is acquisition by purchase?
When ownership is aquired by purchasing the property from the owner.
What is aquisition by assignment?
An intangible personal property right that is transferred by assignement because it cannot be transferred by delivery.
What is acquisition by gift?
Ownership of personal property may be acquired by gift. The person who makes the gift is the doner and the person who receives the gift is the donee.
What is acquisition by will or intestacy?
Peronsal property may be left to a person by will.
Acquisition by taking possession of abandoned property.
Ownership of personal property may be acquired by taking possession of, or appropriating, abandoned property with the intention of exclusing others.
What is a Lien?
A lien is a right of one person to retain the possession of goods, property or securities of another until a liability is satisfied.
