Business Law Notes Unit two: Chapter 49
Business Law Notes Unit two: Chapter 49 30630 BL 24113 01
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30630 BL 24113 01
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This 2 page Class Notes was uploaded by Sabrina Turner on Thursday September 22, 2016. The Class Notes belongs to 30630 BL 24113 01 at Mississippi State University taught by Cecelia Cook in Fall 2016. Since its upload, it has received 14 views. For similar materials see Legal Environment of Business in Business Law at Mississippi State University.
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Date Created: 09/22/16
Chapter 49: Real Property Real Property: o Land and everything affixed to it o Right to control, use, dispose of, and keep people off of: “Bundle of Rights” o 3 Basic Interests: Land and Structures: soil, natural products, water, surface and subsurface Airspace to subsurface: historically, you owned from center of earth to the heavens then air travel came along Now, own subsurface and airspace you can reasonably enjoy Plant life and Vegetation: As long as it’s in the ground, it is real property on the surface o Different kinds of title: Fee Simple Absolute: singleowner, yours and all yours greatest/largest type of ownership Life Estate: lasts for the lifetime of the named individual Sells land but not for fee simple absolute, then when they die it becomes another’s Concurrent Ownership: more than one owner; every party owns equally percentage of the whole owns half of every square inch of property equal to use and equal to enjoy. What happens when one owner dies? o Depends on the type of ownership. Tenants in common: when one owner dies, his interest is inherited by his heirs; does not have survivorship rights: the surviving owner does not inherit the property Joint Tenants: ownership features are same undivided interest When one owner dies, surviving owner inherits the property. Tenants by the Entireties: for a married couple Cannot be severed, unless both agree Community Property: marital property obtained during marriage, have to live in a “community property state” Ex: Texas and Louisiana “separate property”: belongs to individual spouse obtained by gift or inheritance or owned prior to marriage. Catch is: you must keep it separate Ina community property state, divided half and half when marriage is broken. o 2 Nonpossessory interests in Property: Easement: allows nonowner right to limited use in another’s real property Most common is the right to pass across someone else’s land Another is utilities Profit: right to enter and carry away Ex: timber deed, natural gas.
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