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18 Cards in this Set
- Front
- Back
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Real Property
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land and things imbedded in land. Ex. fence, tree rooted in land
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personal property
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property that is moveable or intangible. Ex. book bag, song, idea
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property
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peice of land, or a thing, or an object
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absolute ownership
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a person who has all possible rights in and over a thing
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6 ways to acquire title to personal property
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gift, finding lost property, transfer by non-owner, occupation, escheat, purchase
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intere vivos gift
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gift that is made between 2 lving persons
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conditional gift
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gift that is given once something is accomplished
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gift causa mortis
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made when donor, contemplating imminent death, delivers personal property to the donee with the intent that donee shall own it if donor dies
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anatomical gift
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persons may make gifts of parts of their bodies.
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uniform anatomical gift act
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permits persons 18+ to make gifts of their bodies or any part thereof. gift takes affect on death of donor
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wild animals
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when living in a state of nature, wild animals are not owned by any individual. once animal is killed, tied, emprisoned, hunter becomes owner
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severalty
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when all rights in a particular object of property are held by one person
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escheat
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when propert is transferred to the gov't because person dies without a will or heir
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tendancy in common
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each individuals would have equal use of property even if one pays more than the other
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community property
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property acquired during the period of marriage. this property is divided in half if marriage ends
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abandoned property
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ownership may be acquired by taking possesion of it with intent to exclude others
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lost property
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finders have right of protection over everyone except original owner
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mislaid property
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intentionally placed item that owner cannot recall where it is.
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