Key Terms
Property
Tangible and intangible items that can be owned. Ownership: the right to exclude others.
Tangible property
Can be touched. Chattel: moveable, tangible personal property.
Fixture
Personal property that becomes attached to land and is legally treated as real property.
Private property
Owned by individuals, corporations, or partnerships (not the government). Public property: owned by the government (nati
Ownership by production
You make it, you own it. Exception: if you produce it as part of your job, the employer owns it.
Conditional gift
Transfer depends on a condition being met first (wedding, graduation).
Bailor
Rightful owner who hands over the property. Bailee: person who receives and holds the property.
Voluntary bailment
Both parties intend to create it (dry cleaner holding your clothes). Involuntary bailment: created when someone finds lo
Business examples of bailment
Shipping packages with a carrier, warehousing goods with a third party, valet parking.
Real property may be acquired by
1. Purchase 2.
Quitclaim deed
Seller gives only what they have; no guarantees. Buyer takes all risk.
Recording
After transfer, the deed is recorded in the county where the property sits. Recording puts others on notice of ownership
Same three elements as personal property gifts
1. Giver intends to make the gift 2.
Adverse possession
Acquiring real property by using it without permission for a sufficient period. Also called "squatter's rights."
Common scenario
A misplaced fence causes one neighbor to routinely use another's land for years.