CHAPTER 47

CHAPTER 47 - J. Duong Commercial Law CHAPTER 47 PERSONAL...

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J. Duong Commercial Law CHAPTER 47 PERSONAL PROPERTY AND BAILMENTS I. Fixtures A. Introduction 1. Property - Consist of the legally protected rights and interest a person had with anything of value that is subject to ownership 2. Real Property - The land and everything attached to it 3. Personal Property - Everything else besides Realty 4. Fixtures - Personal Property so closely associated with real property to which it is attached that the law view it as real property. Fixtures are real property! a. Land Sales b. Insurance Coverage c. Real Property taxation d. Divorces 5. When the courts need to determine if something is a fixture or not, they would look at the Role of Intent who placed the object on real property B. The Role of Intent 1. General Rule : If the person intends to make the item a fixture, then it is a fixture. Intent base on: a. If the property attached cannot be removed without seriously damaging the realty, then it is a fixture b. If the property attached is so adapted to the rest of the realty as to become part of it, it is a fixture. (Property made for the realty) C. Trade Fixtures 1. Trade Fixtures - Exception to the rule that fixtures are part of the realty a. Personal Property that is installed for a commercial use
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This note was uploaded on 04/13/2008 for the course BUSI 157 taught by Professor Brierton during the Fall '07 term at Pacific.

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CHAPTER 47 - J. Duong Commercial Law CHAPTER 47 PERSONAL...

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