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REE3433 Chp. 2 Terms (1).
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REE3433 Chp. 2 Terms (1).
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REE3433 Chp. 2 TermsReal Property - ANS-Land and anything permanently attached to it
Personal Property - ANS-All property, with the exception of real property, that can be
owned.
Uniform commercial code - ANS-A code of law (adopted in its entirety by all states
except Louisiana) that governed commercial transactions (UCC)
Statute Of Frauds - ANS-A law that disallows any suit or action involving certain classes
of contracts, such as those concerning interest in land, unless the agreement is
evidenced by a note or memorandum in writing signed by the party to be charged or his
authorized agent.
Bill of Sale - ANS-A written agreement in which one person transfers his interest in
personal property to another
Fixture - ANS-a legal hybrid; a piece of personal property that has become affixed to
real estate in such a way that it becomes part of the real property.
Severance - ANS-the legal principle that defines the mechanical processes required to
convert an item of real property into personal property
Fixture test - ANS-Annexation
Adaptation
intention
Annexation Test - ANS-a key fixture test that is met when personal property is in fact
annexed, fixed, or fastened onto the real property
constructive annexation - ANS-Personal property that is so closely related to the real
property that it is consider to be annexed even through it has not actually been
annexed, fixed or fasten to the real property
adaptation test - ANS-a test for determining whether personal property has become
united with real property by its adaptation to the use and purpose of the real property.
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