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27 Cards in this Set
- Front
- Back
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Property |
The legal right to exclude others. Can be an object or an idea. |
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Types of Property |
Real Property Personal Property |
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Real Property |
Land and everything permanently attached to that land. |
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Personal Property |
Everything else (movable things). |
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Air Rights Property Above & Below |
Below the house you own to hell. Above the house is only to a reasonable extent. Not in Heaven. |
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Subservice Rights |
A landowner may also own the liquids, gases, and minerals beneath the land. |
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Fixture |
Personal Property that has become a real Property. |
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You bought the MSU Building, is the computers real or personal Property? Is the lights and doors personal or real Property? |
Computers: personal Lights & Doors: real |
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Tangible Personal Property |
Applies to things one can touch, physical things. |
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Intangible Personal Property |
Applies to nonphysical things, valuable information/ideas. |
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The 5 Aquiring Resources |
1. Exchange 2. Posession 3. Confusion 4. Accesion 5. Gift |
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Exchange |
Most common. You traded something for it. Can be through contract or can bargain. Or buying. |
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What are the two types if possession? |
1st possession Adverse possession |
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1st Possession |
If you are the first person to ever own it, its yours. Example: a meteorite falls in front of you. After someone abandons that property as well. |
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Adverse Possession |
Gives you ownership of land if you openly and exclusively (for a period of time), the land becomes yours. After 20 years in the state of North Dakota. |
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Confusion |
Like goods are mixed together, it becomes that persons. Example: grains |
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Accesion |
Add to something to such a degree, it becomes yours. Example (investing money into a car part) Not steal. |
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Gift |
Intend & deliever the gift to someone. Actually give it to them it becomes theirs and you cannot take it back. One sided. Getting nothing in retur. Not enforceable. |
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Security Interest |
Are mortgages & secured transactions under article 9 of the uniform commercial code. |
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Define Real Property and what does it consist of? |
Land and buildings Consists of Promissory Note & Mortgage |
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Define Promissory Note & what happens if you do not stay by it? |
"I Promise to pay you back in interest". If you do not stay by it, it will turn into a mortgage. |
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Mortgage |
Document stating if I don't pay the promissory note, you can have the real property. |
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Define Personal Property & what does it consist of? |
Objects/Items you own. Consists of Perfection & Financing Statement |
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Define Perfection and state what you file along with it? |
(Personal Property) File against a property you have saying someone owes you money. Note. File financing statement along with it. |
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Financing Statement |
Document files for the state for everyone to see. To make this public. |
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Artisan's Liens |
(Personal Property) When someone works on something (Like a car), you can hold that object until you get paid. |
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Mechanics Liens |
(Real Property) Provide labor on real property, they don't pay, so you file lean. If that person sells the real property then the mechanic gets paid for it. |
