Chapter36slides

Chapter36slides - Personal Property and Bailments Real:...

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Unformatted text preview: Personal Property and Bailments Real: Land and things “permanently” attached Buildings Plants (trees) Driveways, etc. Improvements (dams, parking lots)  Personal Everything else Money, goods, clothing, intangibles Don’t think opposite of business –just a term  Grey area are fixtures*** In your contract…. Make sure you have it in writing Appliances, fixtures, curtains, etc Fee Simple: Absolute ownership Highest form of ownership More important with real property Usually not an issue with personal property Applies to real as well as personal property  Multiple owners Questions/issues What happens when a co-owner dies Can co-owner sell share separately Limits when co-owners are married  Absolute ownership or none at all… Most common form  Default if type of co-ownership is not clear  Each can separately sell his/her share  When die, share goes according to will Hard to create, easy to destroy...
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This note was uploaded on 04/22/2009 for the course BCOR 3000 taught by Professor Morley during the Fall '07 term at Colorado.

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Chapter36slides - Personal Property and Bailments Real:...

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