BLAW 301 EXAM 2 Amii Castle KU
Intangible Property - ✔️✔️(personal) not physical. Intellectual property, securities. May
only include right to include, right to exclude. i.e.. Patents, copyrights, trademarks.
.
lost items - ✔️✔️in order to be claimed must follow a statutory procedure. VS mislaid
(items go to the person who own the premise.
Real Property - ✔️✔️law applies to land and interests in land. (all other resources are
protected by personal property law)
Personal Property - ✔️✔️applies to moveable resources those things that people do
not annex to the land.
Tangible Property - ✔️✔️(personal) things one can touch, i.e.. cars, books, clothing.
Controlled by the Uniform Commercial Code
Fee Simple - ✔️✔️represents the maximum estate allowed under law, the owner
having fullest legal rights and powers to possess use and transfer the land.
Estate - ✔️✔️the bundle of rights and powers of land ownership are called an estate
Life estate - ✔️✔️grants an ownership in land for the lifetime of a specified version.
leasehold estate - ✔️✔️the property right granted to tenants by a landlord.
concurrents ownership - ✔️✔️multiple owners
Property - ✔️✔️legal right to exclude others from resources that are originally
possessed or are acquired without force, theft, or fraud
easement - ✔️✔️places a particular use of land behind the exclusive legal fence. often
a right to cross over land.
bailment - ✔️✔️when an owner temporarily places an object in the possession of
another
bailor - ✔️✔️the owner of the property in a bailment
bailee - ✔️✔️possessor of the object during a bailment
mutual benefit - ✔️✔️during an easement. (rental agreement) Bailee must use
reasonable care.
, contract - ✔️✔️rule that make agreements to exchange resources between owners
legally binding and enforceable.
first rule of possession - ✔️✔️the first person to resume previously unowned things to
possession becomes their owner.
abandonment - ✔️✔️measuring intent in order to detriment abandonment
adverse possession - ✔️✔️gives you ownership of land under state statute when the
possession is
-open and notorious
-actual and exclusive
-wrongful
-continuous
-for a prescribe period of time
open and notorious - ✔️✔️(adverse possession) the possessor must occupy the land in
such a way as to put the true owner of the land on notice.
actual and exclusive - ✔️✔️(adverse possession) the possessor must physically
occupy the land
continous - ✔️✔️(adverse possession) possession must not be interrupted
wrongful - ✔️✔️(adverse Possession) the possessor must not have permission to be
on the land for example under a lease.
Prescribed period of time - ✔️✔️(adverse possession) most states specify adverse
possession of between 10 and 20 years before the possessor becomes the new owner
gifts - ✔️✔️no mutual exchange of resources occurs. Donor gives to a donee who
becomes the new owner. rules of gifts specify 1) intends to make the gift 2) delivers the
gift by physical transfer to the donee.
accession - ✔️✔️something added.
security interests - ✔️✔️an application of property that gives someone an interest in
what belongs to another usually to secure an extension of credit (mortgages and
secured transactions)
deeds of trust - ✔️✔️(security interest) a type of document to secure an extension of
credit through an interest in the land
Intangible Property - ✔️✔️(personal) not physical. Intellectual property, securities. May
only include right to include, right to exclude. i.e.. Patents, copyrights, trademarks.
.
lost items - ✔️✔️in order to be claimed must follow a statutory procedure. VS mislaid
(items go to the person who own the premise.
Real Property - ✔️✔️law applies to land and interests in land. (all other resources are
protected by personal property law)
Personal Property - ✔️✔️applies to moveable resources those things that people do
not annex to the land.
Tangible Property - ✔️✔️(personal) things one can touch, i.e.. cars, books, clothing.
Controlled by the Uniform Commercial Code
Fee Simple - ✔️✔️represents the maximum estate allowed under law, the owner
having fullest legal rights and powers to possess use and transfer the land.
Estate - ✔️✔️the bundle of rights and powers of land ownership are called an estate
Life estate - ✔️✔️grants an ownership in land for the lifetime of a specified version.
leasehold estate - ✔️✔️the property right granted to tenants by a landlord.
concurrents ownership - ✔️✔️multiple owners
Property - ✔️✔️legal right to exclude others from resources that are originally
possessed or are acquired without force, theft, or fraud
easement - ✔️✔️places a particular use of land behind the exclusive legal fence. often
a right to cross over land.
bailment - ✔️✔️when an owner temporarily places an object in the possession of
another
bailor - ✔️✔️the owner of the property in a bailment
bailee - ✔️✔️possessor of the object during a bailment
mutual benefit - ✔️✔️during an easement. (rental agreement) Bailee must use
reasonable care.
, contract - ✔️✔️rule that make agreements to exchange resources between owners
legally binding and enforceable.
first rule of possession - ✔️✔️the first person to resume previously unowned things to
possession becomes their owner.
abandonment - ✔️✔️measuring intent in order to detriment abandonment
adverse possession - ✔️✔️gives you ownership of land under state statute when the
possession is
-open and notorious
-actual and exclusive
-wrongful
-continuous
-for a prescribe period of time
open and notorious - ✔️✔️(adverse possession) the possessor must occupy the land in
such a way as to put the true owner of the land on notice.
actual and exclusive - ✔️✔️(adverse possession) the possessor must physically
occupy the land
continous - ✔️✔️(adverse possession) possession must not be interrupted
wrongful - ✔️✔️(adverse Possession) the possessor must not have permission to be
on the land for example under a lease.
Prescribed period of time - ✔️✔️(adverse possession) most states specify adverse
possession of between 10 and 20 years before the possessor becomes the new owner
gifts - ✔️✔️no mutual exchange of resources occurs. Donor gives to a donee who
becomes the new owner. rules of gifts specify 1) intends to make the gift 2) delivers the
gift by physical transfer to the donee.
accession - ✔️✔️something added.
security interests - ✔️✔️an application of property that gives someone an interest in
what belongs to another usually to secure an extension of credit (mortgages and
secured transactions)
deeds of trust - ✔️✔️(security interest) a type of document to secure an extension of
credit through an interest in the land
