FIL 185! chapter 21

reasons why fixtures would come or stay

1. unless a contract says otherwise, fixtures stay with the real property when it is sold and personal property goes with the seller 2.property is generally considered to be a fixture if it would cause damage to remove it 3. property is generally considered to be a fixture if it is normally considered part of the real property ex doors pine or oak

transfer of real property

a deed is a document that provides evidence of title. you will get one when you buy a house

elements for adverse possession to occur

a.the possession must be open and notorious(obvious) b. the possession must be against the interest of the true owner(not with permission) c. the possession must be continuous for a set amount of time (typically twenty years)

real:land and anything permanently attached

air and subsurface rights: a land owner has some rights to the air above and the earth below his property->reasonable rights

tangible

it can be touched, laptops dogs, books

recent supreme court declared this about eminent domain

it is constitutional for a city/town/village to take private property to put up a private business as a means of improving the economic conditions or tax base of the city/town/village->the government can knock down your house ->cosi->JJ

go into the bathroom wash my hands and take off watch...mislaid or lost

mislaid!

fixtures

personal property that becomes attached to rel property so as to be considered real property (dishwasher) ex. basketball hoop personal->laying in the back yard but it is in the property if it is cemented in

intangible

property that stands for something else, stock certificate or copyright

lost

property that the owner accidentally parts possession with the owner has better rights than a finder

abandoned

property that the owner intentionally parts possession with 1. the first person to find it has the best rights

mislaid

property that the owner intentionally places somewhere and forgets 1. the owner of premises where the property is found has better rights than a finder(owner has the best!) 2. Safe deposit box(jury found that the lady got the money the $ was lost

bailment

the rightful possession of property by a person who is not the owner 1.delivery of, 2. personal property(no bailment for land or house) 3. bailee does not become the owner 4. bailee has a duty to return the property example:lending a person your car taking your car in to be repaired, checking your coat at a fancy restaurant, etc.

adverse possession

this occurs when a person uses your property without your permission. the law requires you to put an end to this or you run the risk of losing your property.

eminent domain:

under the 5th amendment to the US constitution the government can take private property for a public purpose as long as it pays the owner what is referred to as just (fair) compensation. ex:taking land to make an airport runway or to widen the streets in a town

importance of property

we own things

death

when you die, title to nay real property that you own will transfer to the person or entity you have designated in your will(usually)

bailment v. license

when you take your car to the valet parking it is a bailment which means that if the car is returned to you damaged it is presumed that the bailee was at fault, ex: if you park your car in an ISU parking lot it is only a license(permission) to park. Since ISU does not have control of your car, if it gets damaged, ISU is not responsible