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Unformatted text preview: (personal property) or land (real property).
Ownership of property means having the right
to exclusive enjoyment of the property.
Possession of property means having the
physical control of the property.
Distinguish between real and personal
property. Personal property is moveable
property. It includes choses in possession
(physical goods and chattels) as well as
choses in action (intangible rights, such as
intellectual property). Real property is land
and anything fixed to it (fixtures). Fixtures are
chattels that were once moveable but have
subsequently become attached to the land
in a way that makes them part of the land.
The basic presumption is that, if a chattel is
actually attached to land by means other than
its own weight, it is prima facie a fixture.
Distinguish between a mortgage of old
system land and a mortgage of Torrens
Title land. A common law system of title
mortgage involves the transfer of the land to
the lender, subject to the borrower’s right to
redeem the land on repayment of the loan.
Under the Torrens system, the land is not
transferred to the mortgagee. Instead, the
mortgagee is granted an interest in the land.
That interest is protected by registering it on
Define a mortgage. A mortgage is a security
over land for the repayment of money lent. In
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This document was uploaded on 04/23/2012.
- Three '12