ch47 - TYPES OF PROPERTY Property: Legally protected rights...

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TYPES OF PROPERTY Property: Legally protected rights and interests in anything with an ascertainable value that is subject to ownership. Real Property: Land and everything of value attached to it, such as foliage and permanent structures, or found under it, such as minerals and water. Personal Property: Property that is movable – sometimes referred to as chattel or personalty . Tangible Personalty: Personal property that has physical substance ( e.g. , a television set or car). Intangible Personalty: Personal property the value of which does not depend on physical existence ( e.g. , stocks, bonds, patents, and copyrights). Fixtures: Buildings and other improvements other than trade fixtures attached to real property such that (1) the fixture cannot be removed without causing substantial damage to the real property, or Ch. 47: Personal Property and Bailments - No. 1 West’s Business Law (9th ed.)
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(2) the fixture is so adapted to and takes on the characteristics of the real property that it becomes part of that real property. Ch. 47: Personal Property and Bailments - No. 2 West’s Business Law (9th ed.)
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PROPERTY OWNERSHIP Fee Simple: Absolute ownership entitling the property owner to possess, use, or dispose of the property as she chooses. Concurrent Ownership Tenancy in Common: Co-ownership of property in which each party owns an undivided interest in the whole property. Joint Tenancy: Joint ownership of property in which each co-owner owns an undivided interest in a portion of the whole property. Tenancy by the Entirety: Joint ownership of property by husband and wife, where neither party can transfer his or her interest in the property without the other’s consent. Community Property: Joint ownership of property by husband and wife in which each spouse owns an undivided one-half interest in property acquired during marriage . Ch. 47: Personal Property and Bailments - No. 3 West’s Business Law (9th ed.)
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ACQUIRING OWNERSHIP: NON-GIFTS Ownership of personal property may be obtained in the following ways: Purchase: Property rights may be acquired in exchange for money or other valuable consideration. Possession: Property rights may be acquired by taking possession of unclaimed, lost, or abandoned property. Production: Property rights may be acquired by creating the property. Accession:
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This note was uploaded on 12/03/2011 for the course HIST 101 taught by Professor M during the Spring '11 term at NJIT.

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ch47 - TYPES OF PROPERTY Property: Legally protected rights...

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