GBL 295 Study Guide - Final Guide: Life Estate, Mineral Rights, Security Interest

• School: MSU
• Department: General Business-Business Law
• Course: GBL 295
• Professor: Emmett Ross

Document Summary

Final exam topics: buffalo creek 30% property law (contract tort law tied in) 50% environmental climate change 10% anything from previous exams 10% Definition: land and things attached to the land, including: The earth and minerals below the surface. Definition: those things permanently" attached to the building. Usually, fixtures are transferred with possession, use or ownership of land. Think of property rights as a bundle of sticks. Originally - had to be a property owner to vote. An estate is the term used to describe the extent of the ownership interest. Ownership may be divided into units based on duration, type,or condition. The right to own and possess the land against all others and without conditions. Right to possess for life and devise to heirs. Estate may terminate upon the occurrence of some event. Interest in land that will not become possessory until a future date. The right to own and possess land until the person dies.