property definition in law

Nonfreehold estates are not inheritable under the common law but are frequently assignable. (q.v.) Ab. It also gives the possessor the right to recover personal property (often called chattel) that has been wrongfully taken and the right to recover damages against wrongdoers. A Landlord and Tenant might agree that the new lighting fixture the tenant attaches to the ceiling of her dwelling remains the tenant's property after the expiration of the lease. As risk normally passes with property, this notice would have the effect of transferring property to the buyer, who then should consider insuring the goods, even although they are outwith his possession. There are two types of property: real property and Personal Property. In accession, the personal property of one owner is physically integrated with the property of another so that it becomes a constituent part of it, losing any separate identity. school or redevelopment districts). Lost or mislaid property continues to be owned by the person who lost or mislaid it. choses in action, easements, and the like. Constructive possession is the power and intent of an individual to control a particular item, even though it is not physically in that person's control. another takes possession of it. do this, the owner must have a legal capacity to make a contract. things, contains not only a right to use those things, but a right to If the bailor fails to pay back the loan in time, the bailee gains ownership of the ring and may sell it. a qualified property in them; while the owner has the absolute property. Rule 3: where there is a contract for specific goods in a deliverable state but the seller is bound to weigh, measure, test or do some other act or thing with reference to the goods for the purpose of ascertaining the price, the property does not pass until this has been done and the buyer has notice that it has been done. owner loses his possession, he also loses his property or right in the The term is also used to declare any rights that issue from the ownership of land. The U.S. law governing treasure trove has been merged, for the most part, into the law governing lost property. someone's idea, invention, etc. If Tom owns Blackacre in fee simple and conveys Blackacre to Bob for life and then to Jane in fee simple, Jane has a vested remainder in fee that becomes a present interest upon the death of Bob. If the parties' intention cannot be determined, certain rules are laid down to resolve the matter. Because a thief does not have a title in stolen goods, a person who purchases from the thief does not acquire title. One of the tenants may have a larger share of property than the others. & C. 281; S. C. Several types of estates govern interests in real property. 11.-2. into the sea to save the ship, the right is not lost. Property that is initially personal in nature becomes part of realty by being annexed to it, such as when rails are made into a fence on land. Rule 2 refers to goods that are not in a deliverable state whereas Rule 3 refers to goods that are in a deliverable state. See Things. 10.-1. The owner of the place where an article is mislaid has a right to the article against everyone else but the true owner. tit. Eminent domain is the right or power of a unit of government or a designated private individual to take private property for public use following the payment of a fair amount of money to the owner of the property. that can be protected by law from being copied by someone else: Theft of intellectual property is widespread, with factories illegally producing millions of cheap copies of the latest design of phone. Any fungible (interchangeable) goods, such as grain or produce, can be the subject of confusion. 2d. Des Choses; 18 The grantee of a life tenant would thereby be given an estate pur autre vie because the death of the life tenant would extinguish the grantee's interest in the land. The purchaser of an apartment in the building buys stock in the corporation, receiving a stock certificate and a lease to the apartment. Vide, generally, Bouv. A tenancy at sufferance is an estate that ordinarily arises when a tenant for years or a tenant from period to period retains possession of the premises without the landlord's consent. 511; 17 Johns. ally relation to the nature of the subject-matter, but simply because more These interests include freehold estates, nonfreehold estates, concurrent estates, specialty estates, future interests, and incorporeal interests. fulfill his obligations. This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional. earthquake. A bona fide purchaser is an individual who has bought property for value with no notice of any defects in the seller's title. In modern real estate law, real property can be conveyed by a deed, with the intention of the person conveying the property, the grantor, that the deed take effect as a conveyance. If the landlord consents, a tenant at sufferance may be transformed into a tenant from period to period, once the landlord accepts rent. Property does not pass in unascertained goods. "Common property" is ownership by more than one person of the same possession. The individuals do not own an undivided interest in the property, but rather each individual has a definable share of the property. Personal property, also referred to as movable property, is anything other than land that can be the subject of ownership, including stocks, money, notes, Patents, and copyrights, as well as intangible property. The most common form of land use regulation, zoning involves the division of territory based on the character of land and structures and their fitness for particular uses. them as, he pleases; so that property, considered as an exclusive right to The person who holds the property is called the bailee. It is important to distinguish Rule 3 from Rule 2. A tenancy at will is a rental relationship between two parties that is of indefinite duration because either party may end the relationship at any time. 12.-3. In the absence of a contrary statutory provision, the title to treasure trove belongs to the finder against all others with the exception of the true owner.