LAWS2017 Lecture 1: LAWS2017-complete-notes
Document Summary
Types of property: any subset of land that has been legally defined as well as any permanent fixtures, corporeal hereditaments, an intangible right, not visible but derived from real or personal property e. g. easements, personal property, chattels real. Interest in land less than freehold e. g. lease: chattels personal, choses in possession e. g. movable goods, choses in action i. e. intangible goods e. g, choses in action i. e. intangible goods e. g. patents, cheques, shares. Right to possess land as a tenant for a period of time. Freehold estates: lasting for indefinite periods measured in lifetimes: (a) fee simple, (b) fee tail and (c) life estate. Estate is inheritable (fee) and not qualified in any way (simple). Remainders: while tenant is alive, heirs have no right to the land. Tenant free to transfer estate before death, and also by will. If tenant dies leaving no heirs and no beneficiary of will, land would escheat returning to the original grantor.
