Jo's Part Flashcards
(19 cards)
What is a chattel?
A tangible, moveable item of personal property not affixed to land. Unlike fixtures, chattels can be physically relocated.
Define real property.
Land and anything permanently attached to it, including buildings, fixtures, and associated rights like easements or leases.
What is a chose in action?
An intangible personal property right enforceable only through legal action, e.g., recovering a debt or enforcing a contract.
What is the Torrens System of Land Registration?
A land registration system where the register is conclusive proof of ownership (s51 LTA 2017) and protects title from most claims except fraud (s52 LTA).
What is a leasehold estate?
A temporary right to occupy land under a lease. Lesser than fee simple. Leaseholder returns possession at lease end and can transfer lease rights.
What is a life estate?
An interest in land for a person’s lifetime. The life tenant enjoys the land but can’t leave it in a will. Reverts to the owner or remainderman after death.
What is a stratum estate?
Title used in apartments/multi-units. Owners have freehold title to a unit and share ownership of common areas. Governed by the Unit Titles Act 2010.
What does “nemo dat quod non habet” mean?
Latin for “no one can give what they do not have.” A person cannot transfer better title than they possess.
Who is a settlor?
A person who creates a trust by transferring property to a trustee for beneficiaries, usually formalised by a trust deed.
What is a trustee?
A person legally responsible for managing trust property on behalf of the beneficiaries, according to the trust deed.
Who is a beneficiary?
A person who receives the benefits of a trust held by a trustee.
Define mortgagor.
The borrower who owns the property and uses it as loan security. If they default, the property can be sold by the lender.
Who is the mortgagee?
The lender in a mortgage (e.g., a bank) who holds the registered interest and can enforce repayment or repossess land.
What is taonga?
A treasured Māori item of spiritual/cultural value, such as land, language, or ancestral knowledge. Protected under the Treaty of Waitangi.
What is the difference between a partnership and a company?
A partnership is not a separate legal entity; partners are personally liable. A company is a separate legal entity with limited liability.
What are the benefits of using a company structure?
Separate legal personality, limited liability, perpetual succession, can own property, sue/be sued, and issue shares.
What powers does a company have?
Own property, borrow, sue/be sued, and issue shares—limited only by the Companies Act or the company’s constitution.
What are some shareholder protections under the Companies Act?
- Derivative action 2. Pre-emptive rights 3. Buy-out rights 4. Oppression remedy 5. Right to access records
What might be included in a Shareholders’ Agreement?
Decision-making powers, share transfer rules, buy-out options, dispute resolution, profit sharing, exit strategies, and voting rights.
