87765-piy-ch08-01.pdf_119843 - CHAP TER The Property System...

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FIGURE 8.1 A place to do business. © Thinkstock property Tangible and intangible items that can be owned. ownership The right to possess, and the right to exclude others from use or possession. CHAPTER 8 The Property System LEARNING OBJECTIVES After reading this chapter, you should understand different classifications of property, including personal property and real property, as well as different types of interests in real property. You will also learn about methods of acquisition and transfer of real property. At the conclusion of this chapter, you should be able to answer the following questions: 1. What is the difference between real property and personal property? 2. How is ownership interest in personal property transferred? 3. What interests in real property exist? 4. How is real property acquired and transferred? 5. What legal relationships exist between landlord and tenants? The concepts of property and ownership are fundamental to any society. Property refers to tangible and intangible items that can be owned. Ownership is a concept that means the right to exclude others. Disputes over both have been at the root of conflicts and wars since time immemorial. Without laws to protect property ownership, the stability of our society would be seriously undermined. For example, if law did not protect ownership interests in property, then people would have to protect their property themselves. This means that people would have to hire their own security forces to protect their property, or they would have to stand guard over their property personally. It would be difficult to get anything else done. Such a system would likely result in the development of powerful factions. Those with the greatest power would dominate property ownership, and weaker members of society would be at their mercy. For example, one of the opening scenes of the movie Black Hawk Down illustrates a U.N. food distribution point in Mogadishu, Somalia. As depicted in that scene, people were waiting to receive the distribution of food, but a powerful, armed faction seized the cargo and opened fire on them. Obviously, such a system of property ownership would prove to be very unsettling, and it would lead to great instability in our economic system. Our legal system creates a peaceful means to acquire, retain, and divest of property, and to settle property disputes. It punishes those who operate outside of those rules. Indeed, those who do not acquire property lawfully or who do not settle property disputes within the confines of our legal system are subjected to criminal and civil penalties. Personal PDF created exclusively for Wendy Ruan ([email protected])
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legal person A human being or entity, such as a corporation or government, that is recognized as a possessor of certain legal rights.
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This note was uploaded on 02/11/2012 for the course LAW 3012 taught by Professor Pittman during the Fall '11 term at Arkansas State.

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87765-piy-ch08-01.pdf_119843 - CHAP TER The Property System...

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