The flashcards below were created by user
on FreezingBlue Flashcards.
Property is abandoned when its owner has intentionally given up claims of ownership.
Property is lost when the owner has been parted from it involuntarily and without knowing where it is.
Property is mislaid when the owner has placed it in a certain place but has forgotten.
A bailment is the rightful possession of goods by a person who is not the owner.
- Bailee - person who has possession (must have physical control over the goods and intent to use control).
- Bailor - person in possession of title.
Gifts (Inter Vivos)
- Means during life.
- To consummate a gift there must be:
- Donative Intent (Absolute and irrevocable)
- Delivery, and
Which law governs real property?
The state law in which the property resides.
It is an item of personal property that becomes real property because of its attachment to the real property.
Test - The intention of the parties (Was it specifically made for this piece of property? Purpose of use? Has it been annexed?)
Physical Elements of Real Property?
- Used to be considered own "little piece of the universe."
- Airspace - no planes!
- Mineral Rights - Anything above/under is owned but can sell whats under.
- Laws restrict what owners can/cannot do; "Common Enemy Doctrine."
- Riparian Rights - rights of the owner of the lands adjoining streams, etc, relating to the water & its use.
- Apporpriation - Out west; doctrine stating that water belongs to the person who 1st makes beneficial use of it.
3 Main Legal Rights of Property Ownership?
- Power of Disposition
Methods of Acquiring Ownership?
- Inheritance & Devise
- Contract & Sale
- Adverse Possession
- Must be:
Statues typically 7 to 20 years.
Fee Simple Absolute?
- The estate in FSA is an estate in land that is no subject to termination; it is unlimited in duration.
- Best way to own real property.
Fee Simple Determinable?
- The FSD is a fee estate that is subject to a condition such that it ends naturally and automatically.
- Possibility of Reverter - since the grantee's estate may end, there is a possibility that the land may rever back to the grantor.
Fee Simple Subject to Condition Subsequent?
- The FSSCS is created when the grantor retains the power to terminate the fee simple estate upon the happening of a certain event.
- Right of enrty - estate is subject to being terminated by the reentry of the grantor.
- Doesn't automatically transfer
- Estates that expire naturally by their own terms on the death of the measuring life.
- Who is the measuring life?
Estate for Years & At Will
- Years - Limited in its duration to a fixed period; full owner of the property during that limited duration.
- Will - No fixed term & can be automatically terminated. Sometimes require notice before eviction.