tailieunhanh - Lecture Business law: The ethical, global, and e-commerce environment (13/e): Chapter 24 - Mallor, Barnes, Bowers, Langvardt

After studying this chapter you will be able to understand: Define real property and describe the scope of related rights and interests, distinguish the forms of real property ownership and how transfer occurs, explain the process of acquiring real property and relevant deeds, discuss government control of real property and constitutional limits. | Property Personal Property and Bailments Real Property Landlord and Tenant Estates and Trusts Insurance Law 5 McGraw-Hill/Irwin Business Law, 13/e © 2007 The McGraw-Hill Companies, Inc. All rights reserved. Real Property P A E T R H C 24 “Study how a society uses its land, and you can come to pretty reliable conclusions as to what its future will be.” . Schumacher, Small is Beautiful (1973) Learning Objectives Scope of real property Rights and interests in real property Acquisition of real property and transfer by sale Obligations related to property condition Land use 24 - Real property land and things attached to or embedded in land: buildings, trees, crops, surface and ground water, minerals, airspace above the land Overview 24 - A fixture is an item of personal property that has become so attached to real property that it becomes part of real property Real property owner now owns fixtures Relevant factors to determine transformation: attachment, adaptation, intent An . | Property Personal Property and Bailments Real Property Landlord and Tenant Estates and Trusts Insurance Law 5 McGraw-Hill/Irwin Business Law, 13/e © 2007 The McGraw-Hill Companies, Inc. All rights reserved. Real Property P A E T R H C 24 “Study how a society uses its land, and you can come to pretty reliable conclusions as to what its future will be.” . Schumacher, Small is Beautiful (1973) Learning Objectives Scope of real property Rights and interests in real property Acquisition of real property and transfer by sale Obligations related to property condition Land use 24 - Real property land and things attached to or embedded in land: buildings, trees, crops, surface and ground water, minerals, airspace above the land Overview 24 - A fixture is an item of personal property that has become so attached to real property that it becomes part of real property Real property owner now owns fixtures Relevant factors to determine transformation: attachment, adaptation, intent An exception is trade fixtures Remain tenant’s personal property Fixtures 24 - Attachment If firmly attached to real property so it cannot be removed without damaging property, the item is likely to be a fixture Actual physical attachment to real property is not necessary, however. For example, heavy machinery or remote control devices for automatic garage doors may be considered fixtures even though they are not physically attached to real property. Adaptation When an item would be of little value except for use with real property, item likely to be a fixture For example, keys and custom-sized window screens and storm windows have been held to be fixtures. Intent Judged by what the circumstances indicate as intended not person’s subjective intent If the owner does not want an attached item to be considered a fixture, he must specifically reserve the right to keep the item. Trade fixtures are personal property attached to leased premises by a tenant for the purpose of carrying on the .