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194 Cards in this Set
- Front
- Back
Property
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bundle of rights defining social relations with respect to a thing
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First in Time, First in Right
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Principle of discovery – first to discover keeps it “finders keepers” - Right to have until one with a superior right shows up
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Bundle of Rights
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More than one kind of power over something in which you have property -- Right to transfer (sell or gift), exclude, use, modify, destroy, and possess
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Limitations of Rights
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i) Stability of title
ii) alienability iii) Productive use iv) Interest in providing habitable housing v) Zoning laws, usage laws, covenants vi) Attachment vii) Necessity and emergency |
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Acquisition by Capture
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If you catch it, you keep it – “first in time rule” applies -- dovetails with rights regards trespass (trespasser has no rights against O but everyone else)
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Externalities
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A burden or benefit of an activity that a person engaged in activity is not forced to consider (i.e. smoke factory) -- cost that everyone else has to pay for your use of your property (ex: outside expenses)
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Internalizing externalities
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if you pay for the harm – you internalize the externalities
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Lockean Labor Theory
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Property in ourselves and labor – fruits on one’s own labor is yours
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Accession
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Mixing your labor with the land or chattel converts into your property
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Utilitarian Theory
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Property ownership maximizes social welfare – “social peace theory” meaure public good in terms of cost-benefit analysis (ex: ownership causes problems with use of land)
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Tragedy of the Commons
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Idea that everyone has an equal right to the property – race to over-consume the land and less resources for everyone – exhaust the land resulting in no incentive to conserve
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Demsetz’s Argument
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Property rights arise where the gains of internalization of externialities outweigh the cost. (i.e. take on the effect instead of distributing to everyone)
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Coase Theorem
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Absent transaction costs parties will bargain to efficient outcomes regardless of the initial allocation of property rights as long as they are clear (if property rights are clear and there are no transaction costs, then parties can bargain regardless of who is first assigned a property right); limitation is that it does not work in real life because there are always transaction costs and free-riders
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Acqusition of Creation
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If you create something, it is yours to exploit
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confusion
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the comingling of separately owned fungible goods so that they cannot be distinguished
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Property in One’s own Person
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Every man has a property right in himself – Moore says you cannot sell yourself as proprety (with exceptions)
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Right to Include/Right to Exclude
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Right to exclude persons from your land in certain circumstances; property rights are not absolute; Necessity may overcome exclusion -- Steenberg
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Exceptions to right to exclude
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o Civil Rights forbidding discrimination
o Emergency situations o Eminent domain o Public and private necessity o Easement for meter readers and the like o Rent control o Anti-eviction statutes o Adverse possession o Public accommodation laws – dining/other establishments |
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Law of Finders
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Finder has rights above all others except the true owner
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Treasure trove
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Something of high value intentionally concealed in the distant past by an unknown owner for safekeeping in a secret location
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Trover
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allows an owner of chattel to recover damages
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Replevin
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permit an owner of a chttel to recover its possession
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Bailment
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Lawful possession of goods who is not the owner (jail example)
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Bailee
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Person holding property in trust for another party
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Lost
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accidentally and involuntarily parts with chattel and does not know where to find it
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Mislaid
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intentionally puts chattel in a certain place but forgets to retreive it
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Abandoned
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owner voluntarily and intentionally relinquishes title and possession
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Adverse Possession
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Statute of limitations for recovery of land; running of the SOL vests a new title -- Elements:
1) Actual entry giving exclusive possession 2) Possession that is open and notorious 3) Possession adverse and under a claim of right (hostile) 4) Continuous for statutory period (does not mean same person) |
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Color of Title
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Claim based on a written instrument (not required in most American jurisdictions)
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Claim of Title
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Good faith, belief, and ownership
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Quiet Title
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Settle questions of title (Cause of action)
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Other ways to resolve boundary disputes
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Doctrine of agreed boundaries
o Doctrine of acquiescence o Estoppel o These doctrines intertwine – law is tricky |
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Tacking
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Adding periods of time and possession to meet statute of limitations (General rule is that “privity” is required
Succession of trespassers is not enough Some reasonable connection between successive occupants is enough) |
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privity
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A close, direct, or successive relationship; having a mutual interest or right.
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Relate back -- Adverse possession
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Starts when at the time of first possession not when owner notices (Statute of limitations runs from this time)
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Gift
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Transfer of property that is intentional and voluntary
Elements: 1) Intention 2) Delivery – constructive vs. symbolic 3) Acceptance Traditional Rule – if you can hand it over, you must |
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Constructive Delivery
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Something that provides access to the gift (key to chastity belt)
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Symbolic delivery
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symbolizes the gift – title
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Gift Causa Mortis
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Made in anticipation of imminent death and where it plainly appears that it was the intention of the donor to make the gift and where the things intended to be given are not present or where present, are incapable of manual delivery from their size or weight
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Inter Vivos
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During life
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Alienability
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The character of property that makes it capable of sale or transfer
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Estate
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Interest in land that is measured by a period of time -- classification of estate includes: 1) freehold or non-freehold; 2) absolute or defeasible; and 3) legal or equitable
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Life Estate
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For life of person or tenant; may be transferable and always a future interest following
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Law of Waste
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Do not use property in a manner that interferes with each other’s rights -- 2 types affirmative (voluntary acts of current estate owner significantly reduce value of property) and permissive (failure of an estate owner to exercise reasonable care to protect the estate)
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Fee Tail
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Keep the land in the family; been mostly abolished -- primogeniture
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Intestate
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Person dies w/out will
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Heirs
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Persons who survive the decedent; no one is an heir of a living person (heir apparent)
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Issue
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Descendents; children and children’s children – direct bloodline (includes adoptive children in modern times)
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Collaterals
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All related by blood to the decedent (i.e. bros, sis, nephews, nieces, cousins, aunts, uncles, etc.)
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Escheat
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If a person died intestate without any heirs, the person’s real property reverts to the state
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Seisin
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An old feudal term for having both possession and title of real property. The word is found in some old deeds, meaning ownership in fee simple (full title to real property).
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Free-hold estate
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Fee simple, fee tail, and life estate. A freeholder has seisin
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Lease-holder estate
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Non freehold possessory estate – tenants do not have seisin
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Fee Simple (regular)
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Endure forever, ownership of property
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Fee Simple Absolute
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Cannot be divest or end if any event happens in the future; may run forever; same thing as fee simple (does not have a future interest unlike all others)
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Defeasible estates
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an estate that may come to its end before its maximum duration has run by reason of a happening of a future event, a fee simple determinable or a fee simple subject to condition subsequent; may last forever or may come to an end upon the happening of an event in the future
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Fee Simple Determinable (Defeasible estate)
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May last forever but may come to an end by reason of a happening of a specified event in the future; ends automatically; possibility of reverter -- durational language
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Fee Simple subject to condition subsequent (Defeasible estate)
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A fee simple that does not automatically terminate but may be divested or cut short at the transferor's election when a stated condition happens --Conditional language
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Future Interest
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Conferring rights to the enjoyment of property at a future time
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Reversion - transferor
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The interest left to the owner after carving out a vested lesser estate without providing for the fate of the property after the lesser estate expires
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Possibility of Reverter – transferor
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Future interest remaining in the transferor or his heirs when a fee simple determinable is created
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Right of re-entry – transferor
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When an owner transfers an estate subject to condition subsequent and retains the power to cut short or terminate the estate, the transferor has a right of reentry
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Remainder – transferee
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Future interest that waits politely until the termination of the prior estate
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Vested
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Having become a completed, consummated right for present or future enjoyment not contingent, unconditional; it is absolute. Unfortunately the word vested is used in 2 senses, first an interest may be vested in possession when there is a right to present enjoyment (example: when I own and occupy Blackacre). But an interest may be vested even when it does not carry a right to immediate possession, if it does confer a fixed right of taking possesion in the future. "A future interest is vested if it meets two requirements: first, that there be no condition precedent to the interest's becoming a present estate other than the natural expiration of those estates that are prior to it in possession; and second, that it be theoretically possible to identify who would get the right to possession if the interest should become a present estate at any time."
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Vested remainder – transferee
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Given to an ascertained person not subject to a condition precedent except the natural termination of the prior estate
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Indefeasibly vested
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The remainder is certain of becoming possessory in the future and cannot be divested
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Vested subject to divestment
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certain to become possessory unless some specified even occurs
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Vested subject to open
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A remainder created in a class of persons is vested if one member of the class is ascertained and there is no condition precedent, the remainder is vested subject to open or vested subject to partial divestment if later born children are entitled to share in the gift.
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Contingent remainder – transferee
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Unascertained person or it is made contingent upon some event occurring other than natural termination of the preceding estate. If condition is in the granting clause, it is a contingent remainder
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Consequences from being vested versus contingent
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"o Remainders cannot become possessory while contingent
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Executory Interest
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Future interest in a transferee that must in order to become possessory divest or cut short some interest in another transferee (shifting) or divest the transferor in the future (springing) in order to become a possessory estate
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Rule for classifying future interests after a life estate
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If the first future interest created is a contingent remainder in fee simple, the 2d future interest in a transferee will also be a contingent remainder.
If the first future interest created is a vested remainder in fee simple, the 2d future interest in a transferee will be a divesting executory interest |
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Statute of Uses
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Converted use to a legal interest
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Fee Simple Subject to an Executory Limitation
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The estate created through the Statute of Uses
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Doctrine of Worthier Title
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Provides that where there is an inter vivos conveyance of land by a granter to a person with a limitation over the grantors own heirs either by way of remainder r executory interest no future interest in the heirs is created, rather the reversion is retained by the grantor (rule that favors alienability)
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Trust
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Allows people to arrange assets to maximize flexibility in property management as well as transferring wealth to future generations. Trustee retains legal title and has strict fiduciary duty to act on behalf of beneficiaries
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Uniform Simultaneous Death Act
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Treat property of each person as if they were the survivor
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Rule Against Perpetuities
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A power of executory interests threaten alienability of land – No interest is good unless it must vest not later than 21 years after some life in being at the creation of the interest -- ONLY APPLIES TO CONTINGENT INTERESTS; CONTINGENT REMAINDERS; CLASS-GIFTS; AND OPTION CONTRACTS
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Validating Life
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can be a validating life as long as in being at or before the interest in question was created -- life somehow casually connected with the vesting or termination of the interest
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Class Gifts
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All or nothing rule – to be vested class must be closed and all conditions present for every member
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Option Contract
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o Option that may or may not vest
o O sells Blackacre to A for $1000. The K provides, O or her assigns may repurchase Blackacre for $15K o Problem? o At common law, option is subject to Rule Against Perpetuities |
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USRAP
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o If conveyance obeys the rule – leave it be
o If it does not, any interest that does not vest in 90 years is void |
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Concurrent interest
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When multiple person have the right to posssess, use and enjoy an ittem of property -- 5 types (3 use now): 1) tenancy in common; 2) joint tenancy; 3) tenancy by the entirety -- don't use 4) coparency and 5) tenancy in partnership
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Coparency
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Primogenuture – similar to tenancy in common
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Tenancy in Partnership
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Superseded by the Uniform Partnership Act
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Tenancy in Common
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separate but undivided interests in the property; the interests of each is discernible and may be conveyed by deed or will
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Joint Tenants
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Each tenant is seised of property but regarded as single owner with the right of survivorship
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Survivorship
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When one joint tenant dies, their interest extinguishes
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Four Unities Essential to Joint Tenancy
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Time, Title, Interests, Possession -- if the four unities do not exist, a joint tenancy is not created, a tenancy in common is created. If they are later severed, it turns into a tenancy in common.
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Tenancy by the Entirety
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Like joint tenancy, but married people
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strawman
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fictitious third person used in some transactions as a temporary transferee to allow the principle parties to accomplish something that is otherwise impermissable
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Partition by Sale
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Joint tenants sell property
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Partition In Kind
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Joint tenants split property
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Mortgage
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A legal document by which the owner (i.e., the buyer) transfers to the lender an interest in real estate to secure the repayment of a debt
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Mortgage Lien Theory
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Mortgage is just a lien – debt secured by property so does not change who owns the property so therefore does not sever joint tenancy
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Mortgage Title Theory
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Mortgagee gets the title – so destroyed title (unity)
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Reciprocity of harms
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A cannot use land to harm B’s interest
But if A’s inability to use the land works a detriment, then B’s interest harms A Example – A and B are cotenants – land has a pond that can be used for fishing or irrigation but not both; A likes to farm and B likes to fish – who is harming whom? No way for a court to say that one is committing a nuisance against the other |
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Ways to sever Joint Tenancy
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1) conveyance; 2) mortgage (title theory only); 3) leases (courts divided); 4) marriage; and 5) divorce
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Ouster
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the unlawful dispossession of a party lawfully entitled to possession of real property -- Majority rule says no ouster unless occupying co-tenant refuses to allow other tenant use and enjoyment of land. Minority rule on rent that rent liability if occupancy continues after a demand to vacate or pay rent -- when not done under a claim of absolute ownership, it can support an action for back rent. When done under a claim of such ownership, it can give rise to a claim of adverse possession if the other elements required are present
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Term of years
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Estate that lasts for some fixed period of time or for a period computable by a formula that results in fixing calendar dates for beginning and end
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Periodic Tenancy
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Lease for a period of some fixed duration that continues for succeeding periods until either the landlord or tenant gives notice of termination
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Tenancy at will
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Tenancy of no fixed period that endures so long as both landlord and tenant desire
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Holdover
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Arises when a tenant remains in possession (holds over) after termination of the tenancy o Not a tenant because not there with permission
o Not a trespasser since original possession not wrongful - 2 options for LL o Evict |
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Lease
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leases transfer a possessory interest in land and so it is a conveyance that creates property rights. But it is also the case that leases usually contain a number of promises so that makes it a K too (creating K rights)
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Delivery of possession
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English rule – in the absence of stipulations to the contrary, there is in every lease an implied covenant on the party of the landlord that the premises shall be open to entry by the tenant at the time fixed by the lease for the beginning of his term. - American rule – the LL is not bound to put the tenant into actual possession but is bound only to put him in legal possession so that no obstacle in the form of superior right of possession will be interposed to prevent the tenant from obtaining actual possession of the demised premises
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Quiet enjoyment
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Possession of land with the assurance that the possession will not be disturbed by a superior title -- Covenant of quiet enjoyment
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Constructive eviction
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Any act or omission of the LL or agent which renders premises substantially unsuitable for the purpose for which they were leased or seriously interferes with the beneficial enjoyment of the premises is a breach of the covenant of quiet enjoyment and constitutes a constructive eviction of the T
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Implied warranty of habitability
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LL leasing urban residential must maintain their premises in a condition that satisfies applicable housing codes and makes the premises safe and habitable -- nonwaivable by T and also termed covenant of habitability
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Statute of Frauds
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Serves evidentiary function and prevents fraud. Requirements: 1) signed by the party to be bound; 2) Describes the property; 3) State the price (or clear method of fixing price)
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Exceptions to the Statute of Frauds
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Part performance or Estoppel
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Marketable Title
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Title that is “not subject to such reasonable doubt as would create a just apprehension of its validity in the mind of a reasonable, prudent and intelligent person, one which such persons, guided by competent legal advice, would be willing to take and for which they would be willing to pay fair value.”
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Caveat emptor
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Buyer beware
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Merger doctrine
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when buyer accepts a deed, the buyer is deemed to be satisfied that all of the contractual obligations have been met
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Implied Warranty of Quality
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skillful construction -- free from defects, built in a sound and workmanlike manner
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Privity
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Legal relationship between parties, each having a legally recognized interest in the same property
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Deed
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Written instrument by which land is conveyed
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General Warranty deed
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Warrants title against all defects in title
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Special Warranty deed
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Warrants only against the grantor's own acts but not the acts of others
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Quitclaim deed
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Contains no warranties (caveat emptor)
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Delivery of deeds
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Placing of the deed in the grantee's hand or within the grantee's control
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Installment sales contract
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Idea that you can purchase a home and then pay the seller over the years like a mortgage -- after payments seller gives you the deed
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Tract index
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Index by the plot of land or location
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Grantor/grantee index
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Index by grantor/grantee of land
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Grantee/grantor index
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inverse of grantor/grantee
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Idem Sonans
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If an incorrectly spelled name is used that sounds substantially similar to the correct name, identify of the person is presumed
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Race Statute
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Statute that allows the first in time recording to the person who wins the race to record prevails – whether subsequent purchaser has actual knowledge of the prior purchaser’s claim is irrelevant whoever records first wins
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Notice Statute
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If a person had notice of a prior unrecorded instrument, the purchaser could not prevail over the prior grantee, for such would work a fraud on the prior grantee
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Race-Notice Statute
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"subsequent purchaser is protected against prior unrecorded instruments only if the subsequent purchaser Is without notice of the prior instrument and Records before the prior instrument is recorded
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Constructive notice
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Notice found through deed search
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Chain of title
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Recorded sequence of transactions by which title has passed to the present claimant
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Wild deed
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Recorded deed that is not in the chain of title, usually because the prior deed was not recorded
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Latent defect
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A defect that is not discoverable by reasonable inspection and for which a seller/lessor is generally liable if the flaw causes harm (hidden defect)
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Patent defect
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A defect that is apparent to a normally observant person especially a buyer on reasonable inspection (apparent defect)
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Actual Notice
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Notice given directly to or received by a party
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Record Notice
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Constructive notice
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Inquiry notice
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Notice attributable to a person which would lead a ordinarily prudent to investigate the matter further
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Marketable Title Act
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Limiting title searches to a reasonable period, typically last 30-40 years
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Title Insurance
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Insurance that protects the purchaser against defects in public records and flaws in title search
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Nuisance
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Interference (condition, activity or situation) with one's use or enjoyment of property
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Servitude
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Charge or burden on an estate for another's benefit
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Easement
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a right of some benefit or beneficial use out of, in, or over the land of another
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Servitude versus Easements
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A servitude relates to the servient estate or the burdened land, whereas an Easement refers to the dominant estate (not all servitudes are easements because they are not all attached to other land)
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Affirmative Easement
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Right to go onto someone's land and do some act
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Negative Easement
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Right to prevent owner of the servient land from doing something
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Easement appurtenant
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Easement created to benefit another tract of land, the use of the easement being incident to the ownership of that other tract (right belongs to owner of the dominant estate)
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Easement in gross
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Right to some person without regard to ownership of land (no dominant estate)
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License
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Permission revokable to commit some act that would otherwise be unlawful
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Implied easement
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Easement created by the operation of the law
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Easement by necessity
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Implied because of public policy or intent of the parties
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Easement by prescription
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Rights can be acquired by the passage of time
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Quasi-easement
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Implied by existing use at the time the tract is divided (something the parties would expect to contine)
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Public Trust Doctrine
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Principle that navigatable waters are preserved for the public use and the state is responsible for protecting the public's right to the use
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Expressio unius est exclusion alterius
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The express mention of one thing excludes all others
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seviant estate
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Burdened land by the right
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dominant estate
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Land benefeited by the right
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Termination of easement
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1) defeasible grant or easement otherwise expires under terms of the original grant; 2) Unity of title (merger); 3) By dominant owner -- release, abandonment, alteration of dominant estate that makes easement purpose impossible or end of neceesity; 4) By servient owner -- prescription; 5) Condemnation; 6) foreclosure by superior lien
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Condemn
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To take privately owned land for public use in exchange for just compensation by virtue of the power of Eminent Domain
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Unity of title
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Dominant and servient estates come into hands of one owner
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Covenant
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Formal agreement or promise
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Real covenant
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Covenant running with the land (covenant that because relates to the land, binds successor grantees indefinitely)
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Equitable servitude
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Private restriction on the use of land binding on the successors in interest that is enforceable in equity
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Running of burden
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Burden runs with the land. Restrictions: Intent; Privity of estate between promisor and promisee; Privity of estate between promisor and assignee; Covenant touches and concerns both burdened and benefited land
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Running of benefit
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Benefit runs with the land. Restrictions: Intent; Privity of estate between promisee and assignee (but may be lessor estate); Benefit touches and concerns benefited land
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Runs with the land
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Each subsequent owner of promisor's land is burdened by the covenant and each subsequent owner of promissee's land may enforce the covenant
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Touch and concern
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it enhances the enjoyment of one parcel of real property by burdening the enjoyment of another; Burden and benefit have to affect the use of land (or its value)
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Implied negative servitudes
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Must be evidence that developer had a reasonably uniform scheme at time of sales (cannot arise later). But some courts allow to be implied by restrictions in substantial number of deeds prior to the deed to the defendant
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negative covenants
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Promises to refrain from physical acts on burdened property touch and concern
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affirmative covenants
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Covanant that obligates a party to do some act
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Termination of covenants
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See termination of easements -- 1) defeasible grant or easement otherwise expires under terms of the original grant; 2) Unity of title (merger); 3) By dominant owner -- release, abandonment, alteration of dominant estate that makes easement purpose impossible or end of neceesity; 4) By servient owner -- prescription; 5) Condemnation; 6) foreclosure by superior lien
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Common Interest Communities
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"gated communities"
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Zoning
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Land use control
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Cumulative zoning scheme
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Successive gradiations of what is allowed
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Comprehensive Plan
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Locality zoning scheme -- must be authorized by statute -- statement of the local government's objective and standards for development
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Nonconforming use
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Use that is not within zoning
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Amortization periods
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Reasonable time for use to continue when rezoned -- must compensate owner
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Variance
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Authorized deviation from an ordinance that will not be contrary to public interest if enforcement of ordinance results in undue hardship (area or use variances)
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Special Exception
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Allowance in a zoning ordinance for special uses that are considered essential and are not fundamentally incompatible with the original zoning regulations
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Spot Zoning
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Zoning changes which establish a use classification inconsistent with surrounding uses and create island of nonconforming use within larger zoned district and which reduce value of uses specified in the zoning ordinance of either the rezoned plot or abutting property
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Zoning amendment
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Rezoning -- legislative act. Must be upheld unless the opponent proves that the classification is unsupported by rational basis related to promoting public health, safety, morals or general welfare or that the classification amounts to a Taking without Compensation
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Aesthetic regulation
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A regulation that zones a matter of taste
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Eminent Domain
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Power to force transfer of property from owners to the government
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Regulatory Taking
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When government regulation of private property "goes too far" and deprives the landowner of the value of his land through enactment of a statute, promulgation of a regulation, refusal to issue a permit, or declaration of land as a wetland, as endangered species habitat or as unsuitable for mining, such a taking also may be compensable
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Inverse condemnation
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Regulatory taking
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Physical Occupation
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Posession, control or use of real property. Always taking no matter how small
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Nuisance control regulations
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Regulation to control nuisance -- never a taking
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Diminution in value
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Value is lowered because of the regulation or variance
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Reciprocity of Advantage
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Burdened parties are simultaneously benefited by the regulation (implicit compensation)
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Balancing Test Factors
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Extent of diminution of value; Whether the regulation disrupts the reasonable investment-backed expectations; Character of gov’t action; Whether regulation is of a noxious use of property; Whether there is an average reciprocity of advantage; Whether the regulation destroys a recognized property right
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Transferable Development Rights
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Transfer what the statute was supposed to supply but taken off by statute (example selling off the rights to height restriction)
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Conceptual Severance
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Denominator problem -- dividing interests in the property
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Three Categorical Rules of Takings
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1. Permanent physical occupation is a taking; 2. Nuisance is not taking; 3. Denial of economical use is a taking
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Remedies for physical occupation or regulatory takings
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Just compensation
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Just compensation
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Market or fair value for a taking (not subjective value -- losses not included)
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