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36 Cards in this Set
- Front
- Back
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2 types of property
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1) REAL - property that is fixed to a specific location i.e. land, buildings
2) PERSONAL - tangible,movable i.e. furniture, equipment, auto INTANGIBLE - patents, receivables, stock, royalty rights, trademarks |
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what are fixtures?
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assets that start out as personal property but are attached to real property (i.e. cementing a chalkboard to wall)
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determine if fixture is part of real estate
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based on INTENTION OF PARTIES
-use -how attached -not on price or depreciable life |
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how do you transfer ownership of personal property?
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when not acquired by purchase:
-take possession -production -receive as gift -will, or inhertiance -accession - property is improved or added to -confusion - identical goods are commingled -finding - may take title to it (depends on circumstances) -mislaid - someone leaving glasses at theatre -property is lost - finder takes title and is effective against anyone except the owner -abandoned - finder takes title, effective against all parties including the original owner |
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what do you need to transfer ownership of real property?
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DEED - a document of title
-must be identify the property -must be signed by the transferor (seller) of the property -must be delivered by the seller with intent to transfer title -does not need to be recorded to be valid |
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transfer of ownership of real property to be effective?
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-need a deed
STATUTE OF FRAUDS -names of grantor (transferor) and grantee (transferee) -intent -description -must be delivered to purchaser -grantor's signature |
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TYPES OF DEEDS
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QUITCLAIM DEED
GRANT DEED WARRANTY DEED |
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quitclaim deed
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-"as is"
-transferor makes no warranties whatsoever -usually by gift or inheritance, rarely used in sales |
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grant deed
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-transferor warrants that they have done nothing to create any impairments of title during ownership
-does not protect the transferee against defects in title prior to transferor's period of ownership -aka "bargain & sale" or "special warranty" deed |
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warranty deed
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-no defects in title
-transferee is guaranteed full rights of use and enjoyment of the property, including a promise that there are no undisclosed claims against the property by any other property |
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How do you protect a deed?
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-transferee may get title insurance
-insurance co will perform a search for any defects |
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What is an easement?
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A defect in marketable title to real property
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What do you need to make the deed valid?
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must be recorded at the appropriate government office
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NOTICE-RACE JURISDICTION
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earlier claim will win if
-later claimant knew about the earlier claim -the earlier claimant records the deed before the later claimant -if mortgagee does not record its mortgage, a subsequent mortgagee will win b/c has superior security interest |
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In a notice-race jurisdiction, the later claimant will win when
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-the later claimant records first
-did not know about the earlier claim when they acquired their rights |
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tenancy in common
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2 or more persons (co-owners) with separate interests (%) in the same property
-can transfer interest - without consent of the others -if one dies, bene's will be based on will |
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joint tenancy
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-restrictive arrangement for co-owners
-right of survivorship -interests must be equal to -TTIP time, title Interest and Possession -if one dies - interest will be automatically transferred to other joint tenants in equal shares -can transfer interest without the consent of others - right of survivorship will no longer apply between transferee and other joint owners |
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What is a mortgage?
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A Security Interest in Real Property
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A mortgage to be effective:
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-written
-description -signed by mortgagor -delivered to mortgagee -same rules for deeds - notice - race |
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INTELLECTUAL PROPERTY - COPY RIGHTS
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-exclusive right to reproduce and distribute creative work
-registration not reqd, but if registered owner gets rights to statutory damages and atty's fees -valid for life of author plus 70 years -computer software, computer databases |
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INTELLECTUAL PROPERTY - PATENT
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-grant of the exclusive right to make, use and sell and invention for a term of years
-once patent expires, becomes public domain |
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INTELLECTUAL PROPERTY - TRADEMARK
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work, symbol, name, device used by a merchant or manufacturer or merchant to identify & distinguish goods from competing goods and sources
-term - initially registered for a period of 10 years and can be renewed indefinitely |
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TRADE SECRET
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information, a formula, pattern, diagram or process that makes a co unique
terms - property rights to trade secrets last indefinitely as long as it continues to meet the requirements of a trade secret |
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SEMICONDUCTOR CHIP PROTECTION ACT
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Act prohibits taking apart semiconductor ships to copy them "mask works" - are protected for 10 years from time of registration or first commercial application
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fair use doctrine
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copyrighted items can be used for teaching, including distributing multiple copies for class use
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modern law
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generally protects intellectual property rights in software under patent law & copyright law
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trademarks
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valid indefinitely until abandoned
or company allows it to lose its distinctiveness |
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record a deed
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gives constructive notice to all 3rd parties of the grantee's ownership
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adverse possession
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gaining title to land by hostile possession/takeover of property
-(owner doesn't allow this) but can legally happen -if owner allows use of land, then not adverse possession |
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real estate settlement procedures act
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provides home buyers more information about settlement process to protect them from high fees
-mortgage loans, 1st mortgage loans |
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federal tract commission act
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purpose: to prevent unfair methods of competition & unfair or deceptive practices in commerce
-regulates compliance with antitrust laws |
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arm's length transaction
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negotiation between unrelated parties acting in his/her interest
test: what would the 3rd party pay for the property? |
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eminent domain
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power of government to take with just compensation private property for public use
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tenancy in sufferance
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tenant stays in possession of leased property without landlord consent
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lesee's rights
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-right to possession
-right to quiet enjoyment (neither lessor nor a 3rd party will evict the lesee unless lesee breached the K -right of implied warrant of habitability (right to inhabit premises that are fit for human occupation) |
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abandoned property
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-owner relinquishes possession and title of property
-subsequent parties who acquire abandoned property with the intent to own it, acquire it |
