BUSI 561 Chapter Notes - Chapter 14: Adverse Possession, Bailment, Fee Simple
Document Summary
Property: a bundle of rights, in relation to others, to possess, use, and dispose of a tangible or intangible object, depreciating rights (7, use as a security, to lease or lend, use, sell, possess, destroy, donate. Real property: land and everything permanently attached to it. Fixture: an item that is initially a piece of personal property but is later attached permanently to the realty and is treated as part of the realty. Trade fixture: a piece of personal property that is affixed to realty in conjunction with the lease of a property for a business. Water rights: the legal ability to use water flowing across or underneath one"s property. Mineral rights: the legal ability to dig or mine the minerals from the earth below the surface of one"s land. Irrevocable right to use a portion of someone else"s land for a specified purpose. Leasehold estate: right to possess property for an agreed upon period of time.
