Chapter 7

  1. Property
    • 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.
  2. Mortgage
    • 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.
  3. Real property
    Applies to land and interest in land
  4. Personal property
    All property that does not include land and interest in land.
  5. fixture
    An object of personal property that has become an object of real property, generally through physical attachment.
  6. Contract
    A legally enforceable contract.
  7. Ownership
    The term refers to the exclusive legal right to possess, transfer, and use resources. It is a synonym for property.
  8. Rule of first possession
    The first person to reduce previously unbowed things to possession becomes their owner.
  9. Lost or Mislaid
    • You don't know where it is, it is lost.
    • You know to find it, it has been mislaid.
  10. Adverse possession
    Property ownership acquired through open, notorious, actual, exclusive, continuous, and wrongful possession of land for a statutorily prescribed period of time.
  11. Confusion
    Property ownership that arises when identical masses of objects, such as grain, are mixed together.
  12. Accession
    Property acquired by adding something to an owned object.
  13. Gift
    Transfer of ownership by intent and the delivery of the object gifted.
  14. Estate
    The bundle of rights and powers of real property ownership.
  15. Fee simple
    The maximum bundle of rights, or estate, permitted by law.
  16. Life estate
    A property that grants land ownership for the lifetime of a specified person.
  17. Leaseholder estate
    The property granted to tenants (lessees) by a landlord (lessor).
  18. Joint tenancy
    A property ownership that is undivided (common) and equal between two or more owners. Permits survivorship.
  19. Tenancy in common
    A property ownership that is undivided (common) but not necessarily equal between two or more owners.
  20. Deed
  21. Easement
    The right of one other than the owner of land to some use of the land.
  22. Bailment
    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.
  23. Bailor
    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.
  24. Bailee
    In a bailment, the person who takes possession of an object owned by another and must return it or otherwise dispose of it.
  25. Security interests
    An application of property that gives someone an interest in what belongs to another, usually to secure an extension of credit.
  26. Deeds of trust
    A type of document to secure an extension of credit through an interest in the land.
  27. Land sales contract
    A type of document to secure an extension of credit through an interest in the land purchased.
  28. Mortgagee
    The creditors
  29. Mortgagors
    the debtors
  30. Foreclosure
    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.
  31. Deficiency
    In a land based security interest, the amount of the loan which remains unpaid after the land has been sold.
  32. Right of redemption
    The right to buy back. A debtor may buy back or redeem his or her mortgaged property when he or she pays the debt.
  33. Secured transactions
    Any credit transaction creating a security interest; an interest in personal property that secures the payment of an obligation.
  34. Collateral
    The valuable thing put up by someone to secure a loan or credit.
  35. Attachment takes place when
    • 1. A secured party has given value
    • 2. The debtor owns the collateral
    • 3. Security agreement is given
  36. Perfection
    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.
  37. 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.
  38. Purchase Money Security Interest (PMSI)
    A security interest given to the party that loans the debtor the money that enable the debtor to buy the collateral.
  39. Buyer in the ordinary course of business
    Has priority over a perfected security interest.
  40. Public nuisance
    An owner's USA of land that causes damage or inconvenience to the general public.
  41. Private nuisance
    An unreasonable use of one's property so as to cause substantial interference with the enjoyment or use of another's land.
  42. Zoning ordinances
    Laws that limit land use based usually on residential, commercial, or industrial designations.
  43. Rule against perpetuates
    Serves the common good by preventing dead owners from indefinitely limiting the new productive ways that resources can be used.
  44. Eminent domain
    The government can take private property for public use upon paying just compensation.
Card Set
Chapter 7