Property Law

Question 1

Property:

Answer 1

Property: access to a stream of benefits from a given set of resources.

Four basic ways:
1. Private ownership
2. Public open access
3. Public closed access
4. State ownership

Question 2

Property rights

Answer 2

Property rights: establish relationships among participants in any social and economic system. Holding the rights to property is an expression of the relative power of the bearer.

Question 3

The legal concept
Property

Answer 3

Property is a bundle of rights. These rights describe what people may and may not do with the resources they own: the extent to which they may possess, use, develop, improve, transform, consume, deplete, destroy, sell donate, bequeath, transfer, mortgage, lease, loan or exclude others from their property.

1. The owner is free to exercise the rights over his or her property – no law forbids or requires the owner to exercise those rights.
2. Others are forbidden to interfere with the owner’s exercise of rights.

Question 4

A bundle of Landowner’s rights:

Answer 4

a) Right to sell
b) Right to lease
c) Right to mortgage
d) Right to subdivide
e) Right to grant easement
A bundle of Public rights:

Question 5

bundle of Public rights:

Answer 5

a) Right to tax
b) Right to take for public use
c) Right to control the use of it
d) Right to dispose in case of death

Question 6

Rights are real only when

Answer 6

the sovereign power, acting as an agent of society, recognizes those rights and is willing to defend and enforce them.

Question 7

Common property

Answer 7

Common property is grazing on public lands or fishing on the open seas.

Question 8

Public property

Answer 8

Public property includes open, closed access and state/government properties.

Question 9

What is Property?

Answer 9

Property is a bundle of rights: including the right to possess, to use, to exclude others from and to dispose of by sale or gift.

Question 10

Proprietary rights

Answer 10

Proprietary right is a right that exists in relation to a thing, whether tangible or intangible. The most important proprietary right is ownership. There are also other: mortgage, leased property… It can be expressed in money and has a value.

Question 11

Rights below and above the surface

Answer 11

The airspace right is restricted to such a height as is reasonably necessary for the ordinary use and enjoyment of his land and the structure upon it.

Generally, the owner is entitled to mineral deposits below his land, yet the right is restricted in national interest (deposits of minerals, oil, coal, natural gas, etc.) and they belong to the State.

Question 12

Common property

Answer 12

Common property is jointly owned and/or managed (fishing, grazing).

Question 13

Pledge

Answer 13

Pledge: is a deposit of goods as security for meeting an obligation (usually a loan). The borrower gives goods to the lender which are then kept by the lender until the loan has been repaid. The lender is generally entitled to sell the goods if the loan has not been repaid within a set period of time.

Question 14

Mortgage

Answer 14

Mortgage: the obligation of the debtor is secured by a pledge of specific immovable property, entitling the creditor to preferential payment from the sale of pledge property.

Question 15

Written pledge-agreement between the pledger (owner of immovable property) and the pledgee, where the signature of the pledger is notarized thus

Answer 15

thus entering the land register of the court.

Question 16

Register land debt (land charge)

Answer 16

Register land debt (land charge): is a property right entitling the creditor to preferential payment from the sale of the pledged property. Similar to mortgage, however, not necessarily accessory to the underlying obligation. It is much less used in practise, unilateral act by the pledger.

Question 17

Lien or right of retention

Answer 17

Lien or right of retention entitle person who is owed money (the creditor) to refuse to hand back property to the person who owns it (the debtor) until the debt has been paid.

Question 18

Pledge on Movable Property

The classical pledge

Answer 18

The classical pledge requires that the creditor takes the possession over the things pledged.

is established when the pledger (debtor) hands over the pledges things on a basis of valid pledge agreement.

Question 19

Pledge on Movable Property

The non-possessory pledge

Answer 19

The non-possessory pledge requires that the possession of the things remain with the pledger (debtor) in order for him to use them (especially machines, cattle, cars) in the course of his business.

Non-possessory pledge is divided into registered and non-registered.

Registered non-possessory pledge is possible only when with regard to inventory, stock, equipment, vehicles and cattle. On the other hand, non-possessory pledge offers less security to the creditor, as he cannot verify whether the assets have been already pledged before.

Question 20

The Bargain Model

Answer 20

The Bargain model shows that cooperation creates a surplus that benefits everyone. Societies create property rights as a legal right to encourage production, discourage theft, and reduce the costs of protecting goods.

Question 21

The right of ownership enables

Answer 21

the holder of it to have the object of the right in his possession, to use it and to transfer it.

Question 22

Ownership right
(3)

Answer 22

The right of ownership enables the holder of it to have the object of the right in his possession, to use it and to transfer it.

1. Co-ownership
2. Common ownership
3. The Floor-ownership (etage ownership + co-ownership on common places)

Question 23

Establishment of property rights

Answer 23

Statue (occupation, possession, ownership of fruits), legal transaction - contract, decision of a court, inheritance

Question 24

Adverse possession

Answer 24

A possession which has ousted or excluded the paper owner.

There are 2 requirements that a squatter must satisfy before he is able to claim adverse possession of land:
- He must show that he was in factual possession of the land for 10 years and for movable goods 3 years,
- He must show that he possessed the land with the necessary intention and in good faith.

Question 25

There are 2 requirements that a squatter must satisfy before he is able to claim adverse possession of land:

Answer 25

• He must show that he was in factual possession of the land for 10 years and for movable goods 3 years,
• He must show that he possessed the land with the necessary intention and in good faith

Question 26

Lease hold ownership

Answer 26

A mechanism by which a freeholder can grant another person the right to occupy and use his land. Such right is usually granted in return for the payment of a rent. The person who grants a lease becomes a landlord and the person who enjoys the leasehold interest in the land is tenant.

Question 27

freehold reversion.

Answer 27

his interest is known as freehold reversion - The owner does not lose all entitlements to the land – he retains his ownership subject to the rights of the tenant

Question 28

Co-ownership

Answer 28

Co-ownership depicts an ownership shared between two or more persons so that all of that persons are owners simultaneously of the house, land ect.

Question 29

Joint tenancy

Answer 29

Joint tenancy is when all the co-owners are regarded as being collectively entitled to the whole property.

Question 30

Tenancy in common

Answer 30

Tenancy in common represents a situation whereby a person is not regarded to own the property entirely – instead he is regarded as enjoying a notional share of the ownership of the whole.

Question 31

The end of property right

Answer 31

1. If somebody else gets the property right on that object
2. If the object has been abandoned
3. If the object of the property right has been destroyed
4. In cases if so provided by the legislation (nacionalization…)

Question 32

Protection of property rights

The principal legal remedy

Answer 32

The principal legal remedy is the payment of compensatory money damages by the defendant to the plaintiff.