Lecture 1 Blaw 3312 -001
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This 2 page Class Notes was uploaded by loveena Cherukunnathu on Monday August 31, 2015. The Class Notes belongs to Blaw 3312 -001 at University of Texas at Arlington taught by John D Dowdy in Summer 2015. Since its upload, it has received 982 views. For similar materials see Law II in Business at University of Texas at Arlington.
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Date Created: 08/31/15
827 1 Property Ch 48 Personal Property and Bailments A General Property concepts 1 The Concept of property Common law maximone of many maxims legal doctrine that says possession is the basis of all ownership gt Maxim ify statement that express a principle truthattendant doctrine gt You will see this in all types of cases including court cases dealing with property issues gt It essentially says what the nature of property is o If it is susceptible of being owned it is therefore a property o If it can t be owned it s not property o If it s capable of being owned then it can be possessed possession is the basis of all ownership I Back in the day retirement can t be owned right now so it can t be property right now I Even if it can t be possessed at the time courts said over a period to conceder it as property Real and personal property herein the law of fixtures Real Property Land real estate gt Land Earth s crust and everything that is attached to it including standing crops building minerals gt Two estates can be separate Minerals and land can be separate 0 Example Black acre property farm was left to Billy Bobba Hawkins Billy sells Black acre to someone else as far as the transaction reserves to them The grantee in that transaction only gets the surface Billy kept the minerals Personal property gt Tangible movable at the time of contract goods Law of fixture merging of real property and personal property gt Its personal property that is attached to or used with real estate that it became part of the real estate 0 Example case The owners of a real estate Freemans College which is used as supermarket todler VI 6 Front of the coolers Back wall of the supermarket gt gt gt 0 There was a fire and everything was destroyed The insurance company didn t want to pay for the destruction of the coolers They said it was not permanent improvements 0 So they sued the insurance company for the value of the coolers Question was was the coolers a fixture and part of the property or was the coolers separate personal property I What is the cooler building used for For the supermarket I How are the coolers attached Cooler attached as a ram setting I Did the owners put in the coolers And who fixed the cooler to the supermarket o It was obviously fixtures and insurance company had to cover for the coolers as well Can t be attached just by gravity Has to have some nuts and bolts as well o If it s a heavy sculpture then its treated as the land These issues are common in Property tax issues 0 Example case Taxing attorney wanted the phone to be included as fixture and tax property Tax payer won because it was not part of the real estate therefore not part of the tax value What if the business owner does not own the property himself 0 He will be a business tender has been put in place on a personal property to use for the business Trade fixtures can be removed without doing any permanent damage to the real estate 0 Example There is a barber shop owned by many barber shop They move in all their chairs and supplies I In the release the tenders are going to remove the chairs and supplies 0 Example there was a business with a gasoline filling station and they were entitled to remove the underground storage
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