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12 Cards in this Set
- Front
- Back
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Security Agreement
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collateralizes personal property
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3 Parts of Security Agreement
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Secured Note (Promissory Note)- pay back Security Agreement- create lien Financing Statement- public notice of lien |
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3 Tests to Determine Fixtures
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Adaptation (Customized) Intention of Parties Material Injury/Annexation |
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Deed Bill of Sale |
Transfer ownership of real property Transfer ownership of personal property |
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3 Kinds Property
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Real Personal Fixtures (and Trade Fixtures) |
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3 Estates in Land
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Freehold Estate- may be indefinite & inheritable Life Estate- ownership limited to lifetime Leasehold Estate- right to possess not own |
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Freehold Estate: Fee Simple Absolute
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Own all rights to land (all the sticks) Default (it's assumed) ownership in Tx |
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3 Fee Simple Variations (Defeasible Fees)
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Fee Simple on Condition Precedent- event must happen first before title granted Fee Simple on Condition Subsequent- title MAY be taken if event happens and prior owner shows initiative (Right of Reentry) Fee Simple Determinable- if event happens, title AUTOMATICALLY reverts (Right of Reverter) |
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4 Lease Term Types
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Term for Years (Fixed Term) Periodic Tenancy (Renewal) Tenancy at Sufferance- wrongful possession after lease done Ground Lease |
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2 Easements- Right to "USE" another's land
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Easement Appurtenant- run with land Easement in Gross- limited to 1 person or for 1 use; ends if not used |
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4 Easement Creation
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Express Grant- agreed in writing Express Reservation- former owner keep right to Plat Reservation- devlpr keep rights to construct in rights of way Prescriptive- adverse, continual use |
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13 Business Entities
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Sole Proprietorship Tenancy in Common Joint Tenancy (w/ survivorship) General Partnership Joint Venture or Syndicate Regular Corporation- "C" corp S Corporation LPs LLCs Trust Real Estate Investment Trust (REIT) Single Asset or Single Purpose Entity LLPs |
