Week 7- Property Law

Legal and equitable (Division of Property rights)

A trustee will hold the land on behalf of an heir. Hold it in the bestsellers interest of the heir

Limits to the rights of ownership

All rights are limited

Lease

Tenant has exclusive possession of the premise. Lawfully entitled to the land. Periodic tenancy automatically renews itself at the end of each period

Charges against land

Mortgage: securing debt Builder's lien: Builders use this to protect money owed to them because of their work. Registered judgement: which can be used to secure any judgment debt the landowner may owe Agreement to sale: Like a mortgage but between two people, not a bank

Easements and covenants

Non-possessory interests in land

Dividing possession and title

One may own (title) but the other may have lawful possession.

Tangible property is the same as

Chattels

Bailment, licences, and leases

Dividing title and possession

Co ownership (Division of Property rights)

Joint tenancy: Each have an equal right to posses and occupy land. When one dies, the other inherits the whole. Tenancy in common: When one dies, it is inherited by their heirs. Like Joint but the interest is not required to be the same. Property law governs any conflict over selling and maintaining.

Deed and land registration

Deed system Torren system (eliminates the title by deeds and replaces with statutory transfer)

Things that protect intellectual property

1) Copyright: Once the good is created and needs to be enforceable, lasts as long as the creators life plus 50 years. 2) Trademark: Distinguishes goods and services of a business. You must register is and renew it every 15 years. Patent: Rights granted to the inventor from the government. An application must be files and allowed for 20 years. Applicable to new inventions and alight alternation on an old one.

For joint tenancy you need

1) Possession: Each co owner has an equal right to possess the entire property 2) Interest: The interest of each co owner must be identical (50% each) 3) Time: Co owners receive interest at the same time 4) Title; The co owners must receive their interests under the same instrument

Rights with the ownership of property

1) Right to control the property 2) Exploitation: To derive an income, subject to regulation (uber) 3) Use and employment: You cannot be careless with it and others may not use it without the owners permission 4) Alienation: Sale or lease it, regulated

Finders keepers

Finder has better claim to all other than the true owner even if the finder is a trespasser

Covenant

Governs the land and what the landowners can do with it (cannot build higher than 10 more feet)

Estate (Division of Property rights)

Land ownership Fee simple: ESCHEAT, comes from the crown, if you die without giving it to someone the Crown gets it. The closest someone can get to true ownership. Life Estate: Less common, created by the owner of a fee simple estate, may want to provide for a spouse after they die.

Bailment

Lending someone to someone Bailee must exercise reasonable care and is liable

License

Licens to enter property and occupy Hotel and parking lot

Types of property

Real: Land Personal: Tangible items (phone) Intangible: Corporation, shares Intellectual: Ideas, art

Jus Accrescendi

Right of survivorship Joint tenants cannot put their share in a will

Easement

You have interest in the land, you have to cross your neighbours property to get on the street.