Chapter 7: Property Based Legal System Flashcards
(34 cards)
Foundation of the private market system
property based legal system
what leads to the successful development of a private market
serves common good and general welfare of society
well defined concepts of property, and proper enforcement
what do property right allow an individual to do?
legal right to exclude others from interfering with their resources
prevent someone else from harming us
prevents others from taking business ideas
What forced properly law to come into play
issue concerning ordering of relationships among people and how there becomes limited valued resources
nation state comes into play to address these limited resources
law establishes rukes for which limited resources are addressed through state and private property
Western Political Theory
state comes into existence to help us address limited resources
who can attain, acquire, and protect
if resources were unlimited, this wouldn’t be a problem
property is central to ________
societal prosperity
property creates maximum conditions, promotes incentives, establishes conditions for capital formation
Division of property - Real property
Land and anything permanently attached to it, including buildings, structures, and fixtures.
Division of property - Personal property
Movable property and goods not permanently attached to land.
Legal ways to acquire resources
exchange
possession
adverse possession - add to resource
1st possession - through contracts
finding property
Lost
Mislaid
Abandoned - intentionally abandoned
Types of ownership
fee simple
leasehold
life estate
concurrent
Fee simple - form of ownership
longest and maximum
represents maximum estate allowed by law - no limitations, no conditions on use - greatest type of ownership
defeasible fee simple - if you don’t adhere to conditions, it reverts back to the original owner
absolute fee simple - nothing stronger
leasehold - form of ownership
limited to specific time of rental - rights of tenants
grants ownership for some defined period
no ownership - only right of use
life estate - form of ownership
grants ownership for ones life
when party dies, reverts back to original owner
grantor keeps the original interest in the company
concurrent - form of ownership
multiple owners
joint tenancy - equal ownership (survivorship)
tenancy in common - different shares (no survivorship)
types of titles and registrations
deed
registration
Deed
transfer of title - registered in town
types of deeds
warranty in full, special warranty, quit claim deed
quit claim deed
one person gives rights to another person, see on deeds on transfers of homes, when 2 spouses own property, one person wants off - common in commercial assets
registration
title to a vehicle - notice
Types of specialty property systems
easement - land interest
bailments
easements
interest in land
deals with use of land, places it under legal protections
ex. need to walk through driveway to get to land
positive - recognizes accessbility issues
negative - preventing bad behavior on land
bailments
goods placed into another possession to be returned in the future
Not transferring ownership, paying money to transfer goods - FedEx
Security interests in land
must be registered in recording office in town, put rest of world on notice that it is under your name and there is security interest
mortgages
deeds of trust
land sales contracts
ways to exercise property interests
foreclosure, deficiency, right of redemption
right of redemption - owe money and attempting to foreclose, if you can come up with money then you won’t be foreclosed on
