University of Georgia Terry College of Business LS 470 - Business Law I Dr. B-A's Word Outlines INTRODUCTION TO THE LAW OF PROPERTY Real Property land & things attached to land bldgs, fences, trees, wells goes as far up & down as is reasonable Personal Property - Chattel all things that are not real property classified as either tangible prop that can be touched intangible - chattels personal in action - chose in action prop that is a K rt of some sort accts recbl K rts, etc. Fixtures pers prop that becomes "permanently" attached to real prop important, to determine if mortgagee entitled to the prop upon foreclosure if sec'd pty entitled to prop upon default if lessor or lessee owns it at end of lease tests to determine if prop is pers or fixture (gen 1st 2 alone insuff) annexatn- degree of attachmt to real prop gen, connectn by plug not enough i.e., window air conditioner incorporation into prop is i.e., attic fan w/venting to house adaptation- prop used to promote purp for which land used i.e., irrigatn pipes on farm intention-pties say what they want prop to be How property is held tenants in common joint tenants with right of survivorship tenants by the entirety What Prop. is held: Real Prop ownership ints fee simple estates estates-ownership ints fee simple absolute most ownership known at law owner owns & can pass by sale, will, gift, etc. qualified/conditional FS may be defeated in future by happening (non) of event life estate less than FSA possessor only has prop for period of life of grantor grantee or another can be sold or mortgaged as other ints, unless instr says otherwise can be conditioned upon event i.e., "To A for life or until her marriage" LT must use reasbl care to maintain prop in cond rec'd normal wear & tear is ok cannot commit waste need not make lasting improvements must pay taxes, mortgage, if any, etc. if land being used for mining at time of LE, LT can so use Remainders & reversions reversion-goes back to grantor or heirs after LE remainder-goes to 3d pty after LE can be transferred, mortgaged or sold, even before LE ends gen FSA when it becomes a present possessory int can enforce rts agnst LT not to commit waste Condos & Coops condo - individually owned unit in an apt bldg + undivided int in common areas txes, expenses, liaby 4 commn areas shared proportntly creates org to oper commn areas, make reprs & improvemts elects bd govs & ea unit owner has 1 vote to elect bd dirs bd operates owner's assn subj to owners' approval individual units taxed separately each owner mortgages his/her unit separately coop- doesn't own real estate, but only his/her share or coop may be residential or business coop ownership is a share of a not-for-profit corp taxes & upkeep pd out of member assessments coop is single unit for taxing purps only one mort for entire coop special form of bus org coordinates operatn of prop public restrictions makes it so no FSA owner has absolute rts gov can take by eminent domain must be needed for public's use & benefit owner must be justly compensated need not be full compensation environment may be regulated gov can use health & welfare usage restrics i.e., no nude dancing clubs in some areas zoning regulations restrictions use to be made of prop in certain location bldg ht bldg facing setback minimum acerage private restrictns private pties agree to restrict land use easements-rt to use real prop if in deed (same or another), runs w/land if in separate K, binds only immed pties to agmt can only be revoked by deed can't be modified w/o consent of easement owner may be by adverse possession-easemt by prescription easemt by necessity - law reqs it bec only fair bec necessary just compensatn req'd license-oral easement landowner may revoke at any time may become irrevocable by estoppel covenants - restrictns on land use enforced by those surrounding prop ea subdivisn owner may sue to enforce gives rt to sue if restrics not conformed w/ gen contained in deed or subdivision plat plat is recorded in public records binding on all subseq purchasers & supplements zoning laws runs w/ the land bec affects the use of the land itself th4 binding on all future owners, whe in new deed or not remain indefinitely may be changed if conds substan change after covs created if cov is for personal benefit of grantor does not run w/land not enfobl agnst subseq grantess Ex-g'ee covs w/g'or to repair fence - cannot have restrictns that are unconst Ex-land isn't 2B sold to blks, women, etc. conditions - grant of prop may depend on this "To A if he marries by 25" If A doesn't marry by then land does not go to A