21

Front 1

Types of propert

Back 1

1.Tangible
2.Intangible
3.Real
4.Fixtures
5. lost
6. mislaid
7. Abandoned

Front 2

Tangible

Back 2

property that can be touched

Front 3

Intangible

Back 3

Property that stands for something else (ex. a stock certificate or a copyright)

Front 4

Real

Back 4

Land and anything permanently attached

Front 5

Real )air and subsurface rights)

Back 5

a land owner has some rights to the air above and the earth below his/her property

Front 6

Real (plant life and vegetation)

Back 6

are considered part of the real property until they are cut down... then they are considered personal property

Front 7

Fixtures

Back 7

personal property that becomes attached to real property so as to be considered real property (ex: a dishwasher)

Front 8

Fixtures 3 things

Back 8

1. unless a contract says otherwise, fixtures stay with the real property when it is sold and personal property goes with the seller
2. property is generally considered to be a fixture if it would cause damage to remove it
3. property is generally considered to be a fixture if it is normally considered part of the real property (ex: a door)

Front 9

Lost

Back 9

Property that the owner accidentally parts possession with
--- the owner has better rights than a finder

Front 10

Mislaid

Back 10

property that the owner intentionally places somewhere and forgets

Front 11

Mislaid: 2 thing

Back 11

1. the owner of the premises where the property is found has better rights than a finder
2. remember the safe deposit box area case

Front 12

Abandoned

Back 12

property that the owner intentionally parts possession with
-- the first person to find it has the best rights

Front 13

Bailment

Back 13

the rightful possession of property by a person who is not the owner

Front 14

Bailment (elements)

Back 14

1. delivery of
2. personal property (by bailor to bailee)
3. bailee does not become the owner
4. bailee has a duty to return the property

Front 15

Bailment (examples)

Back 15

lending a person your car, taking your car in to be repaired, checking your coat at a fancy restaurant, etc.

Front 16

Bailment v license

Back 16

when you take your car to valet parking it is a bailment, which means that if the car is returned to you damaged it is presumed that the bailee was at fault. If you park your car in an ISU parking lot, it is only a license (permission) to park. Since ISU does not have control of your car, if it gets damaged, ISU is not responsible

Front 17

TRansfer of real property

Back 17

1. Deed
2. Death
3. Adverse Possession
4. eminent domain

Front 18

Deed

Back 18

a deed is a document that provides evidence of title.

You will get one when you buy a hose

Front 19

Death

Back 19

When you die, title to any real property that you own will transfer to the person or entity you have designated in your will (usually)

Front 20

Adverse possession

Back 20

this occurs when a person uses your property without permission. The law requires you to put an end to this or you run the risk of losing your property

Front 21

Elements for adverse possession to occur

Back 21

a. the possession must be open and notorious (obvious)
b. the possession must be against the interest of the true owner (not with permission)
c. the possession must be continuous for a set amount of time (20 years)

Front 22

Eminent domain

Back 22

under the 5th amendment to the US constitution the government can take private property for a public purpose as long as it pays the owner what is referred to as just (fair) compensation

Front 23

Eminent domain (example)

Back 23

taking land to make an airport runway or to widen the streets in a town

Front 24

Eminent domain (recent case)

Back 24

note that in a recent case the supreme court ruled that it is constitutional for a city/town/village to take private property to put up private business as a means of improving the economic conditions or tax base of the city/town/village