© 2004 West Legal Studies in Business, a Division of Thomson Learning

12.1

Chapter 12Chapter 12

PropertyProperty

12.2

Elements of PropertyElements of Property

PropertyProperty: : rightsrights that people that people have with respect to some have with respect to some thing, not the thing itselfthing, not the thing itself

PhilosophiesPhilosophies: positive law, : positive law, historical jurisprudence, historical jurisprudence, natural law, and sociological natural law, and sociological philosophyphilosophy

Property law is state lawProperty law is state law

12.3

Property ClassificationProperty Classification

Title and title documentsTitle and title documents

Personal propertyPersonal property

Real propertyReal property

FixturesFixtures

Tangible and intangible Tangible and intangible propertyproperty

Public and private propertyPublic and private property

12.4

Types of Real Types of Real Property EstatesProperty Estates

Fee simple absoluteFee simple absolute

Life estateLife estate

LeaseholdsLeaseholds

EasementsEasements

ProfitsProfits

LicensesLicenses

12.5

Ways to Hold TitleWays to Hold Titleto Real Propertyto Real Property

Tenants in commonTenants in common

Joint tenantsJoint tenants

Tenancy by the entiretyTenancy by the entirety

Tenancy in partnershipTenancy in partnership

Real estate syndicationsReal estate syndications

Community propertyCommunity property

Condominiums Condominiums

12.6

How Property isHow Property isAcquired: TheftAcquired: Theft

Voidable titleVoidable title

Buyer in the ordinary course of Buyer in the ordinary course of business (BIOC)business (BIOC)

Adverse possessionAdverse possessionUnder a claim of rightUnder a claim of rightActualActualOpen, notorious, and visibleOpen, notorious, and visibleExclusiveExclusiveContinuousContinuousPeaceful Peaceful

12.7

How Property is AcquiredHow Property is Acquired

GiftGift

Donative intentDonative intent

DeliveryDelivery

AcceptanceAcceptance

Gift Gift causa mortiscausa mortis

CaptureCapture

FindingFinding

12.8

How Property isHow Property isAcquired: InheritanceAcquired: Inheritance

Statute of descentStatute of descent

Wills Wills

Holographic willsHolographic wills

Formal requirementsFormal requirements

By nature are ambulatoryBy nature are ambulatory

Probate courtProbate court

Parties are testator, executor, Parties are testator, executor, administrator, deviseesadministrator, devisees

12.9

How Property isHow Property isAcquired: TrustsAcquired: Trusts

Titles: beneficial title and Titles: beneficial title and legal titlelegal title

Laws governing trustsLaws governing trusts

Mechanics of forming trustsMechanics of forming trusts

Duration and ending of trustsDuration and ending of trusts

12.10

How Property isHow Property isAcquired: TrustsAcquired: Trusts

Inter vivosInter vivos and testamentary and testamentary truststrusts

Reasons for creating trustsReasons for creating trusts

Trustee’s duties and who can Trustee’s duties and who can be trusteebe trustee

Problems with trustsProblems with trusts

12.11

Uses of PropertyUses of Property

BailmentBailment

LeasesLeases

LicensesLicenses

EasementsEasements

TenanciesTenanciesTenancy for yearsTenancy for years

Tenancy at willTenancy at will

Tenancy at sufferanceTenancy at sufferance

12.12Uniform Residential Uniform Residential Landlord Tenant Act Landlord Tenant Act

(URLTA)(URLTA)DepositsDeposits

SubleasingSubleasing

HabitabilityHabitability

Landlord right of accessLandlord right of access

Landlord rulesLandlord rules

Landlord’s rights and dutiesLandlord’s rights and duties

12.13

Tenant’s rights and dutiesTenant’s rights and duties

UnconscionabilityUnconscionability

Exculpatory clausesExculpatory clauses

Uniform Residential Uniform Residential Landlord Tenant Act Landlord Tenant Act

(URLTA)(URLTA)

12.14

Recap – Terms to KnowRecap – Terms to Know

Property and fixturesProperty and fixtures

Title and title Title and title documentsdocuments

Tangible, intangible, Tangible, intangible, public, and private public, and private propertyproperty

Fee simple absoluteFee simple absolute

Life estateLife estate

Leaseholds, profits, Leaseholds, profits, easements, licenseseasements, licenses

TenanciesTenancies

Real estate Real estate syndicationssyndications

Community Community propertyproperty

Condominiums Condominiums

Adverse possessionAdverse possession

CaptureCapture

Wills Wills

Inter vivosInter vivos and and testamentary truststestamentary trusts