MGMT-2007EL Chapter Notes - Chapter 14: Fee Simple, Easement, Interest

• School: Laurentian
• Department: Marketing and Management
• Course: MGMT-2007EL
• Professor: Andrew Little

Document Summary

In our legal system, ownership can be separate from possession ownership describes one"s interest in property, whereas possession refers to physically having property. Real property items that are attached to the land, to a building, or to another fixture attached to the land ; fixed and unmovable. Personal property moveable property that can be divided into two categories: Chattels (goods) tangible personal property; moveable"s that can be measured and weighed. Chose in action intangible personal property, such as a claim or the right to sue (ex. bonds) Intellectual property a special category of intangible personal property dealing with ideas and creative works (ex. copyright, patents, and trademarks) In terms of surface rights, powerlines or an overhanging building that permanently intrude into the airspace and is unsupported by some legal right (such as an easement) would give rise to the right to sue for trespass. As for subsurface rights, usually the crown has retained the mineral/oil/gas rights.