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Business Law Chapter 24
Terms in this set (42)
Land, both tangible and intangible personal property.
Patents, rights to drill for oil on someone else's land, and copyrights of creative works such as books.
Automobiles, furniture, clothing, and even pets.
Comprises land and everything attached to the land.
Includes all property other than real property, both tangible and intangible.
Finding Lost Personal Property
The finder of lost property holds it in trust, that is, in safekeeping, at least for a time, for the real owner.
The finder is a custodian acting for the true owner.
The finder of lost property has ownership rights superior to everyone except the true owner.
Responsibility of the Finder
A person who finds property has a legal responsibility to make reasonable efforts to return the property to its rightful owner.
If the finder of lost property has made reasonable efforts to locate the owner without success within a period specified by statute, title to the property then transfers to the finder.
The actual ownership of property, not just the evidence of ownership, such as a certificate of title.
Was intentionally left in a certain place and then forgotten by the owner.
If, by the end of a period of time set by statute, the true owner does not claim the property, title to such property is transferred to the finder.
When the owner disposes of it with the apparent intention of disclaiming ownership.
Title to such property is transferred to the first person who takes control over it.
The voluntary transfer of property by one person to another without consideration or payment of any kind. While gift giving is a common act, it takes on added dimensions when viewed from a legal standpoint.
The person giving the gift
The person who is to receive the gift
Property given while both parties are alive.
A Latin term meaning "in contemplation of death."
The right of an owner of property such as plants or animals to any increase in the property.
When all the rights of ownership in a particular piece of property are held by one person.
When two or more persons own equal shares of property.
Tenancy by the Entirety
A form of joint ownership of property by husband and wife in which both have the right to the entire property, and, upon the death of one, the other has title (the right of survivorship).
Tenancy in Common
Is that an owner's interest does not pass to the persons who share ownership at the time of his or her death. Rather, the interest of a tenant in common passes to that person's heirs.
Some states have enacted statutes that provide that property acquired by either one of the spouses during a marriage is the community property of both husband and wife—the property acquired belongs to both parties.
The right to extract minerals, such as oil or coal, from land
The right to build on or over the land
A right or interest in land granted to a party to make beneficial use of the land owned by another.
A right to enter another person's land and remove some portion of the land or its natural resources.
The owner of land may grant a party the right to enter the land for a specific purpose.
To identify the interest or the right a person has in real property
A person owns the land either for life or forever.
A person has an interest in real property that comes from a lease.
The owner of a freehold estate who holds it absolutely
A person who holds a freehold estate (ownership interest) only for his or her lifetime
The instrument, or document, that conveys an interest in real property between parties.
The party who conveys real property.
The party to whom the real property is conveyed.
Transfers whatever interest a grantor has in real property, if any.
One in which the grantor asserts that he or she has title and that the property is free of the claims of others.
Bargain and sale deed
States that the grantor is transferring the real property to the grantee.
Real property can be taken from an owner by action of government or other public authority for the benefit of the public.
Title to land also can be acquired as a result of a person's use of land over a period of time.
Coverage that protects individuals against financial loss resulting from defects in their title to real property of from issues associated with their mortgage liens.
The legal process that occurs when property is taken by government against the will of the property owner.
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