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Lecture 8

BUSL 2550 Lecture Notes - Lecture 8: Warranty Deed, Quitclaim Deed, Due DiligencePremium

3 pages91 viewsSummer 2015

Department
Business Law
Course Code
BUSL 2550
Professor
Keifer
Lecture
8

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BUSL 2550 Ch. 8
Nonhuman animals cannot own property
Can be a beneficiary of a trust in many states
Not everything is subject to ownership
Human body and body parts
Property
Virtual stores are not forms of real property
Virtual money, like Bitcoin, can be used to purchase real properties
Types of Property
Real property
Personal property
Fixture
Properties classified by ownership:
Private property
Public property
Personal property and real property can be private or public
Methods of Acquisition of Personal Property
Production
Purchase
Gift
Property that someone finds can be classified in several ways
Abandoned property
Lost property
Mislaid property
Duties of bailee to the bailor
Taking reasonable care of the property
Gross negligence contributes to liability
Types:
Involuntary bailment
Voluntary bailment
A business should be able to disclaim bailment
Real Property
Real property can be produced, purchased, inherited, gifted, or acquired
through adverse possession
Real property can be produced by:
Building a house, or other permanent fixture onto the land
Planting crops or other plant life provided that the flora remains attached to the
land
Ownership rights are transferred by title
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