RIL 368 Law Review Exam 1 - CHAPTER 2Real vs Personal...

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CHAPTER 2—Real vs. Personal Property Fixture—once personal property but have become real property, generally through a change of relationship to land or buildings; included in deed Intent to be fixture? Physically attached? (difficult to remove, damage if removed, etc.) Adapted to specific property—could it be somewhere else? Trade Fixture—used in tenants trade/business, STILL personal property Deed—legal document to transfer ownership of real property Bill of Sale—legal document for transferring personal property RET transfer with title—fixture assessed in property tax Fixture Filing—section of the UCC that allows a security interest to persist in fixtures or personal property that later becomes fixtures + Lender can take personal property with financing statement + Mortgage secures only real property CHAPTER 3—Land, Water, and Air Rights I. Air—generally goes with the surface, owner can sell/lease A. Column lot—23 feet up from surface B. Air lot—higher than 23 feet US v. Causby- 1946 Supreme Court- Causby compensated because air usage interfered with use of land Condominiums are mostly air rights MO has solar energy statute- property right but only protected by easement II. Water—Must be 100% on property to own, have rights if no ownership A. Surface Water 1. Riparianism—plenty of water to go around (east of Mississippi) a. Natural flow doctrine, reasonable use doctrine, etc. 2. Prior Appropriation—gives primary rights to first users of water (West of Mississippi) B. Subterranean Water—use it if you can get it III. Minerals- Solids—can be owned A. Right to remove can be sold/leased B. Acquiring 1. Deed—similar to a deed used to transfer title 2. Reservation—sell surface, keep mineral rights
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This note was uploaded on 09/27/2011 for the course FINANCE 368 taught by Professor Phillips during the Spring '11 term at Missouri State University-Springfield.

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RIL 368 Law Review Exam 1 - CHAPTER 2Real vs Personal...

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