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Agricultural Law

by: Norbert Terry

Agricultural Law ARE 306

Norbert Terry
GPA 3.85

Theodore Feitshans

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Theodore Feitshans
Class Notes
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This 2 page Class Notes was uploaded by Norbert Terry on Thursday October 15, 2015. The Class Notes belongs to ARE 306 at North Carolina State University taught by Theodore Feitshans in Fall. Since its upload, it has received 32 views. For similar materials see /class/223764/are-306-north-carolina-state-university in Agricultural & Resource Econ at North Carolina State University.

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Popular in Agricultural & Resource Econ


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Date Created: 10/15/15
Unit 10 III ARE 306 The Nature of Real Property Distinguished from personal property A Fixtures 1 Importance 2 Fixture ling under the UCC B Fructus Naturales contrast to Fructus Industriales Elements of Ownership A Right of disposition 1 Sell 2 Give a Lifetime b By will 3 Survivorship 4 Intestate succession 5 LendLease B Right of exclusion possession C Right of enjoyment use including destruction Freehold estates contrast with leasehold estates A De ned in nite duration or unpredictable length B Life estate reversion or remainder Duties of life tenant C Fee simple estate D Fee simple determinable possibility of reverter Automatically terminates upon the occurrence of an event E Fee simple subject to a condition subsequent right of entry for a condition broken or power of termination Future interests Coownership A Tenants in common 1 Unity of possession only each owner holds an undivided interest in the property and shares a right of possession with all coowners 2 Each owner has right to sell 3 Creditors may execute against one cotenant 4 Fiduciary aspect of relationship 5 Right of contribution for taxes and interest 6 Right of contribution for repairs unless made by cotenant in possession No right to contribution for improvements 7 Action for waste available in NC but not under common law 8 Ouster may maintain an action in ejectment 9 Partition VI B Trusts A Joint tenancy 1 Four unities a Time all interests created at the same time b Title from the same source by the same deed or will c Interest identical kind of estate or interest d Possession undivided possession 2 Survivorship abolished Written contracts or deed provisions may create survivorship interests 3 Disfavored in current law Tenancy by the entirety 1 Four unities plus unity of person 2 Favored form of coownership for spouses 3 Survivorship 4 Exists in mobile homes 5 Neither spouse may convey alone 6 Individual creditors may not reach Separation of legal and equitable interests 1 Trustor 2 Trustee 3 Bene ciary


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