COMM 3410 Lecture Notes - Lecture 6: Personal Property, Nuisance
1 Dec 2017
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Document Summary
Property: legally protected rights and interests in anything with an ascertainable value that is subject to ownership. Exception: if the accession substantially increases the property"s value or changes its identity, the improver may take ownership, Fee simple absolute (1) exclusive rights to possess and use realty. 3 (2) entitles the owner to convey the same rights potentially lasts forever (3) Future interests created by freehold / fee estates: reversionary interest. 4 (a) pay rent (b) maintain premises (2) Eviction (1) (2) (3) (4) (5) (6) (7) constructive eviction. Ownership rights created (1) express agreement (k, will) (2) implication (3) necessity prescription (4) Terminatoin of easement (1) agreement (2) eminent domain. Transfer of real property: transfer by deeds. Living or inter vivos (1) revocable (2) irrevocable. 6 c. special and implied (1) charitable trusts (2) spendthrift trust: trustees. Fiduciary duties: transfer by will, will language, will requirements, termination of a will. Power of attorney: medical directive, transfer by intestate succession, requirements.
