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Christinach14 - Chapter 14 Law of Property Real Personal...

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Chapter 14 “Law of Property: Real, Personal, and Intellectual” Property: bundle of rights in relation to other people regarding object Type of object— Tangible Intangible “Bundle of rights” includes – Right to: Use as security Lease or lend Use Posses Destroy Donate Types of property: Real Property- land and everything PERMANENTLY attached to it Attached—considered attached if removal would cause damage to property Fixtures: originally personal property until installed, then becomes part of land and thus REAL property Trade fixtures: personal property installed in conjunction with lease of property/business Extent of ownership-- includes rights to surface of land, but also: Water rights-legal ability to use water flowing across/under property Mineral rights-legal ability to dig/mine minerals from earth Mineral rights may be sold/given separately from land ownership Fee simple absolute Right to own/possess land against all others, without conditions Conditional estate
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