Chapter 2 Book Notes - Chapter 2 Book Notes The Nature of...

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Chapter 2 Book Notes The Nature of Property o The Nature of Rights Claims or demands that our government is obligated to enforce Rights are non-revocable The are enduring- they don’t go away with time How do rights to an object differ from attaining it by force or intimidation? What distinguishes rights from permission? When do rights end? Rights are claims or demands our government is obligated to enforce while government does not back intimidation by a gang or other group. Rights are non-revocable while permission is Rights never end Personal rights- derive primarily from the Bill of Rights and other amendments and clauses of the US constitution Property rights- derive from ancient times and are as old as the notion of law itself Prevent others from using it Enjoy the use or benefit of it for ourselves Get rid of it as we see fit (without harm to others) o The Problem of Fixtures Fixture- an object that was formally personal property but has become real property. Four rules to establish whether an object is a fixture: The manner of attachment The character of the article and the manner of adaptation The intention of the parties Relation of the parties o Trade fixtures (bookshelves)- personal property o Agricultural fixtures (fences)- personal property o Installments- personal property The Real Property Bundle of Rights o Interests- bundles of rights held by the owner of real property o Possessory Interests Estates- interests in real property that include possession When is a real property interest an estate? When they include exclusive possession o Ownership estates Freeholds- titles interest we commonly think of as ownership Fee simple absolute- most complete bundle of right possible, and has the greatest value
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Fee simple conditional- ownership is subject to a condition or trigger event (ownership complete unless trigger event occurs) Ordinary life estate- rights of disposition of the fee simple absolute are unbundled and separated completely
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This note was uploaded on 02/08/2012 for the course REAL EST 306 taught by Professor Mccabe during the Spring '12 term at University of Wisconsin.

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Chapter 2 Book Notes - Chapter 2 Book Notes The Nature of...

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