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Legal Studies Test 2 Notes

Legal Studies Test 2 Notes - Real Property land Personal...

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Real Property – land Personal Property – everything other than land 5 ways t acquire property 1. Exchange – buy/trade 2. Possession – first person to claim has first possession, possession after abandonment a. Lost – found in a place it shouldn’t normally be – finder is keeper b. Mislaid – forgot to pick it back up after placing – owner is keeper 3. Confusion 4. Accession – owner keeps improvements 5. Gift Types of Ownership a. Fee Simple Absolute – do anything you want b. Fee Simple Feasible – do anything you want except _______ c. Life Estate – get it for a given person’s lifetime d. Lease hold – don’t own it, just use it e. Joint Owner – husband/wife Warranties 1. Quick Claim – cant promise someone else wont try to claim land 2. Warranty Deed – absolutely yours Easement – make a driveway through someone’s land to get to house Bailment – give your clothes to the dry cleaners Security Interest – exchange the right to property as collateral for a loan Attachment - ?
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