Property Law Flashcards
(32 cards)
Property:
Property: access to a stream of benefits from a given set of resources.
Four basic ways:
1. Private ownership
2. Public open access
3. Public closed access
4. State ownership
Property rights
Property rights: establish relationships among participants in any social and economic system. Holding the rights to property is an expression of the relative power of the bearer.
The legal concept
Property
Property is a bundle of rights. These rights describe what people may and may not do with the resources they own: the extent to which they may possess, use, develop, improve, transform, consume, deplete, destroy, sell donate, bequeath, transfer, mortgage, lease, loan or exclude others from their property.
- The owner is free to exercise the rights over his or her property – no law forbids or requires the owner to exercise those rights.
- Others are forbidden to interfere with the owner’s exercise of rights.
A bundle of Landowner’s rights:
a) Right to sell
b) Right to lease
c) Right to mortgage
d) Right to subdivide
e) Right to grant easement
A bundle of Public rights:
bundle of Public rights:
a) Right to tax
b) Right to take for public use
c) Right to control the use of it
d) Right to dispose in case of death
Rights are real only when
the sovereign power, acting as an agent of society, recognizes those rights and is willing to defend and enforce them.
Common property
Common property is grazing on public lands or fishing on the open seas.
Public property
Public property includes open, closed access and state/government properties.
What is Property?
Property is a bundle of rights: including the right to possess, to use, to exclude others from and to dispose of by sale or gift.
Proprietary rights
Proprietary right is a right that exists in relation to a thing, whether tangible or intangible. The most important proprietary right is ownership. There are also other: mortgage, leased property… It can be expressed in money and has a value.
Rights below and above the surface
The airspace right is restricted to such a height as is reasonably necessary for the ordinary use and enjoyment of his land and the structure upon it.
Generally, the owner is entitled to mineral deposits below his land, yet the right is restricted in national interest (deposits of minerals, oil, coal, natural gas, etc.) and they belong to the State.
Common property
Common property is jointly owned and/or managed (fishing, grazing).
Pledge
Pledge: is a deposit of goods as security for meeting an obligation (usually a loan). The borrower gives goods to the lender which are then kept by the lender until the loan has been repaid. The lender is generally entitled to sell the goods if the loan has not been repaid within a set period of time.
Mortgage
Mortgage: the obligation of the debtor is secured by a pledge of specific immovable property, entitling the creditor to preferential payment from the sale of pledge property.
Written pledge-agreement between the pledger (owner of immovable property) and the pledgee, where the signature of the pledger is notarized thus
thus entering the land register of the court.
Register land debt (land charge)
Register land debt (land charge): is a property right entitling the creditor to preferential payment from the sale of the pledged property. Similar to mortgage, however, not necessarily accessory to the underlying obligation. It is much less used in practise, unilateral act by the pledger.
Lien or right of retention
Lien or right of retention entitle person who is owed money (the creditor) to refuse to hand back property to the person who owns it (the debtor) until the debt has been paid.
Pledge on Movable Property
The classical pledge
The classical pledge requires that the creditor takes the possession over the things pledged.
is established when the pledger (debtor) hands over the pledges things on a basis of valid pledge agreement.
Pledge on Movable Property
The non-possessory pledge
The non-possessory pledge requires that the possession of the things remain with the pledger (debtor) in order for him to use them (especially machines, cattle, cars) in the course of his business.
Non-possessory pledge is divided into registered and non-registered.
Registered non-possessory pledge is possible only when with regard to inventory, stock, equipment, vehicles and cattle. On the other hand, non-possessory pledge offers less security to the creditor, as he cannot verify whether the assets have been already pledged before.
The Bargain Model
The Bargain model shows that cooperation creates a surplus that benefits everyone. Societies create property rights as a legal right to encourage production, discourage theft, and reduce the costs of protecting goods.
The right of ownership enables
the holder of it to have the object of the right in his possession, to use it and to transfer it.
Ownership right
(3)
The right of ownership enables the holder of it to have the object of the right in his possession, to use it and to transfer it.
- Co-ownership
- Common ownership
- The Floor-ownership (etage ownership + co-ownership on common places)
Establishment of property rights
Statue (occupation, possession, ownership of fruits), legal transaction - contract, decision of a court, inheritance
Adverse possession
A possession which has ousted or excluded the paper owner.
There are 2 requirements that a squatter must satisfy before he is able to claim adverse possession of land:
- He must show that he was in factual possession of the land for 10 years and for movable goods 3 years,
- He must show that he possessed the land with the necessary intention and in good faith.
