MGMT 3100 Lecture Notes - Lecture 10: Life Estate, Easement, Tums
27 Dec 2015
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Land: comprises of surface, and all that is under and above the surface (minerals, oil), including buildings. Entitlement to air above the surface is restricted. Fixtures: all things permanently attached to land are deemed part of it; trees, fences. Property: everything that is subject of ownership or the legal interest in a thing. Real action: action to repossess an interest in land that had been interfered with. Personal action: action for money damages without right to recover interest. Estates in time: right to exclusive possess of land for period of time. Each owner of land is a temp. owner because eventually land will pass to someone else. Estate: any interest in land that gives someone exclusive possession for some time. Transfer of title from government to a person = crown grant. First owner can transfer his estate to subsequent owner but cannot create greater interest than received in crown grant.
