GBL 295 Study Guide - Midterm Guide: Pur Autre Vie, Leasehold Estate, Life Estate

• School: MSU
• Department: General Business-Business Law
• Course: GBL 295
• Professor: M.Behan

Document Summary

So many public schools are financed through the property taxes that are collected. Personal property: everything else of valued other than land and permanent attachments to the land, tangible, transferable by delivery (possession). Ex: motor vehicles, furniture, etc: intangible, transferable by assignment. Estates in real property (5 types: any claim of interest of real property must be established by a written documentation. There is always a writing that establishes the claim to real property that we have. For example, a grant to a for a"s life creates a life estate in a for as long as he lives: life estate pur autre vie. : measured by the life of a person other than the grantee (to a for b"s life) It is an asset, not ownership; not title to the land but only possess the land: leasehold estate has beginning date and ending date.