Chapter 4

  1. Business Opportunity
    Involves the sale of personal property
  2. Bill of Sale
    Transfer title to personal property
  3. Bulk Sales
    Controlled by Division 6 of the Uniform Commercial Code.

    -warn transferor's creditors of the pending transfer

    -Applies to retail or wholesale

    -Transferee(purchaser) must give public notice twelve days before transfer.

    -accomplished with "Notice of Intention to Sell"
  4. Personal Property Loans (Security Transactions in Personal Property)
    Division 9 of U.C.C
  5. State Board Of Equalization
    Issues permits, collects taxes and administers law
  6. Seller's Permit
    Required by every seller, wholesale or retail
  7. Metes and Bounds
    enclosing a given area  by measuring off distances

    -describe irregularly shaped parcels of land

    -useful only to civil engineer or surveyor 

    -Bounds are measures of boundaries (natural or artificial)
  8. Government Survey Section and Township System
    standard system of describing lands, based on series of rectangular parcels
  9. Base and Meridian Lines
    East and West = Base

    North and South = Meridian 

    • Three California...
    • 1) Humboldt
    • 2) Mt. Diablo
    • 3) San Bernardino
  10. Intangible personal property
    is not subject to property tax
  11. Termination Statement
    to release "Financing Statement" from public record
  12. Townships
    -36 Sections

    -Each section is 1 mile square (36 Square Miles total)

    -Each section contains 640 acres
  13. 1 acre =
    43,560 Square Feet
  14. 1 mile =
    5,280 Feet
  15. 9 square feet =
    1 sq. yard
Card Set
Chapter 4
Business Opportunities & Land Description