test_3_bus_law_2

test_3_bus_law_2 - Property Law Property (a) the...

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Property Law Property (a) the Constitution gives us the right to own property (b) the government has the right to tax this property (c) the government has the right to regulate the property (i) Zoning Regulations (ii) Dedicating a certain portion of the site as Natural (d) The government has the right to take your property under Eminent Domain , but they must compensate you for it 2 Types of Property (1) Real Includes: -- Land -- Building -- Fixtures (something once it has been added to the Real property, it is usually not removed, light fixtures – can be removed but ordinarily is not) Estates in Land (a) Fee Simple = you are the ultimate owner of the land, the most absolute form of ownership we recognize, no one else has a stake in the land, no limit to time, no one else has any claim, can potentially last forever (b) Life Estate --transfers Dead to another person which would state “To Thomas for Life” --- duration is measured solely with reference to the life of the person (Thomas) who it is issued to, Dead issued by Shane - -“To Thomas for the life of Jesse” --- gives Thomas the right to use until Jesse dies and if Thomas dies before Jesse then Thomas’ family has the right to use until the death of Jesse, and this is called a Life Estate Pur Autre Vie --a Reversionary interest means when Thomas dies, then the Dead passes back to Shane --a Remainder interest means it passes to anyone else other than Shane --if the Dead says nothing upon death, then the property will pass back to Shane and you would say that Shane has Implied Reversionary interest -- Rights of the Holder = Thomas has the right to use and enjoy the property and the right to ordinary profits -- Duties of the Holder = Thomas has the duty of (i) Not to injure the interest of whoever will take the land upon Thomas’ death --if Thomas has a Life Estate to 20,000 acres of Pine trees, he can’t cut them down because those trees hold the value of the land --it would be acceptable to cut for maintenance and upkeep of the land --if Thomas has a Life Estate of a 1 acre tract of land with a house on it which was being leased when it was given to him
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--he must maintain the same character of use for the land, so he can live in it or lease it, but not turn it into a commercial item such as a store or a restaurant --if the neighborhood changes from a residential area to a industrial area during Thomas’ life time, then a sale of the property would be viable in the eyes of the court ----- we sell the property for a $150,000 and Avery has a remainder interest therefore the thing would to invest in a interest bearing bond or stock and issue the interest to Thomas and the principal upon maturity to Avery (ii) Make Repairs -- we have a 1 acre tract of land with a house on it - -repairs would require to maintain broken/damaged materials of the property - -the liability is limited to income generated (iii) Duty to Pay Interest on a Debt -- the property has a value of $200,000 - -there is a mortgage on the land, $100,000 with 7% interest
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test_3_bus_law_2 - Property Law Property (a) the...

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