Chapter 7

• The legal right to exclude others from resources that are originally possessed or are acquired without force, theft, or fraud.
• A bundle of private, exclusive rights in people to acquire, possess, use, and transfer scarce resources.

• A transfer of an interest in property for the purpose of creating a security for a depth.
• A type of security interest in land, usually securing an extension of credit.

Applies to land and interest in land

All property that does not include land and interest in land.

An object of personal property that has become an object of real property, generally through physical attachment.

A legally enforceable contract.

The term refers to the exclusive legal right to possess, transfer, and use resources. It is a synonym for property.

The first person to reduce previously unbowed things to possession becomes their owner.

• You don't know where it is, it is lost.
• You know to find it, it has been mislaid.

Property ownership acquired through open, notorious, actual, exclusive, continuous, and wrongful possession of land for a statutorily prescribed period of time.

Property ownership that arises when identical masses of objects, such as grain, are mixed together.

Property acquired by adding something to an owned object.

Transfer of ownership by intent and the delivery of the object gifted.

The bundle of rights and powers of real property ownership.

The maximum bundle of rights, or estate, permitted by law.

A property that grants land ownership for the lifetime of a specified person.

The property granted to tenants (lessees) by a landlord (lessor).

A property ownership that is undivided (common) and equal between two or more owners. Permits survivorship.

A property ownership that is undivided (common) but not necessarily equal between two or more owners.

The right of one other than the owner of land to some use of the land.

An owner's placement of an object into the international possession of another person with the understanding that the other person must return the object at some point or otherwise dispose of it.

In a bailment, the person who transfers possession of tangible, personal property to another person with the understanding that the other person must return the object at some point or otherwise dispose of it.

In a bailment, the person who takes possession of an object owned by another and must return it or otherwise dispose of it.

An application of property that gives someone an interest in what belongs to another, usually to secure an extension of credit.

A type of document to secure an extension of credit through an interest in the land.

A type of document to secure an extension of credit through an interest in the land purchased.

The creditors

the debtors

If a mortgagee fails to perform his or her obligation as a greed, the mortgagee may declare the whole debt due and payable, and she or he may foreclose on the mortgaged property to pay the debt secured by the mortgage. The usual method of foreclosure authorizes the sale of the mortgaged property at a public auction. The proceeds of the sale are applied to the debt.

In a land based security interest, the amount of the loan which remains unpaid after the land has been sold.

The right to buy back. A debtor may buy back or redeem his or her mortgaged property when he or she pays the debt.

Any credit transaction creating a security interest; an interest in personal property that secures the payment of an obligation.

The valuable thing put up by someone to secure a loan or credit.

• 1. A secured party has given value
• 2. The debtor owns the collateral
• 3. Security agreement is given

The status ascribed to security interests after certain events have occurred or certain prescribed steps have been taken, e.g., the filing of a financing statement.

Financing statements are appropriate to the perfect any type of collateral except negotiable ones, which can always be transferred free of a secured creditor's claim unless they are kept in the creditor's possession.

A security interest given to the party that loans the debtor the money that enable the debtor to buy the collateral.

Has priority over a perfected security interest.

An owner's USA of land that causes damage or inconvenience to the general public.

An unreasonable use of one's property so as to cause substantial interference with the enjoyment or use of another's land.

Laws that limit land use based usually on residential, commercial, or industrial designations.

Serves the common good by preventing dead owners from indefinitely limiting the new productive ways that resources can be used.

The government can take private property for public use upon paying just compensation.