LEB320F 1st Edition Lecture Outline of Last Lecture II Deontological III Virtue Ethics IV H125 V Dilemmas 7A Omission v commission VI A process VII Ethics in Business VIII Limitations IX Over optimism Overconfidence X Self serving Bias XI Cognitive dissonance XII Rationalize the irrational XIII Long term short term XIV Why A Practice B Tools C Reinforcement Outline of Current Lecture XV What s something s value XVI Exploit XVII Real Property XVIII Personal Property XIX Fixtures XX Johnson v Hicks XXI Test to determine fixtures A Annexation to reality B Use for the land C Intent to make permanent XXII Types levels of ownership XXIII Leases XXIV Non possessory interests A Easements XXV License XXVI Profits XXVII Mortgage XXVIII Concurrent ownership XXIX XXX Deeds Chain of Title Current Lecture A Critical examination of rights in private property What s something s value o Depends on location other factors o How much can you exploit from others What s the most advantageous piece of property The Questions o What is it Is it an idea product o How is ownership acquired o What s protected o Over what geography o For how long o Defenses Exploit to employ to the greatest possible advantage Real property land and anything attached to it o Not owned by possession owned by registration o Prior symbol of wealth survival o Above and below Surface immediately above animals crops etc Priority for minerals Hydrocarbons underneath the surface If you own it you can sell it o Someone always owns the land o Taxation as a way of recycling land The government has the highest right F2 7 o Issues recordation description storage Collateral around land makes it more valuable Personal property is a possession tangible things not land Fixtures o Hybrid o Affixed to the land o Intends mind of placer to stay Johnson v Hicks o Irrigation system underground o It was a fixture real property intended to stay as is Test to determine fixtures o Annexation to reality is it attached to the land o Used for the land o Intent to make permanent Types levels of ownership o 1 Fee title simple own everything for all time best o 2 Fee simple subject to a future interest defeasible who owns majority rule of capture o 3 Life estate right duty Leases rent land for duration o Qualified right of exclusive possession o Right duty o Subdivide land by Side view Time Top view Can subdivide as small as you want Non possessory interests o 1 Easements buying right to not be a trespasser Have right to enter Cable lines Minerals implied easement to get to them o Appurtenant use with other land adjacent boxed in land o In gross not so utility easements o Creation bargain necessity prescription License duration strings attached can be revoked o Example ballgame seat movie ticket Profits allowing you to come on land and harvest Mortgage when you buy a house borrow money with loan from bank and grants bank right to repossess and foreclose if unable to make payments Concurrent ownership often ends in disputes o Tenancy in common Interest passes to heirs o Joint tenant Hope for ill on your co owner End of suit of partition Condos own their own space and a portion of the joint rights and responsibilities Community property Judge portions in equal values or sells item to give you cash When married all acquired real property becomes community property Deeds transfer o Conveyance description of the land o Warranty o Special warranty I did not do anything o Quitclaim o Recording Describe land Race Notice Race notice