Barney Fletcher Cram Notes Booklet questions 2 And Answers
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Barney Fletcher
Institution
Barney Fletcher
Barney Fletcher Cram Notes Booklet
questions 2 And Answers
Fixture Tests MIAA
1. Method of attachement
2. Intention of attaching party
3. Adaptation to the article
4. Agreement (seller's disclosure statement best to use altho not law)
Trade Fixtures Personal property used in a business and c...
Barney Fletcher Cram Notes Booklet
questions 2 And Answers
Fixture Tests MIAA
1. Method of attachement
2. Intention of attaching party
3. Adaptation to the article
4. Agreement (seller's disclosure statement best to use altho not law)
Trade Fixtures Personal property used in a business and can be removed by the lessee
when the lease terminates.
Emblements Crops/
Fructus Industriales: Real Property (tree, shrub)
Fructus Naturalus: Personal Property, not part of land
Severalty Personal, sole ownership; can be corprate
Concurrent Ownership Ownership by two or more persons at the same time
, Barney Fletcher Cram Notes Booklet
questions 2 And Answers
4 Types of Concurrent Ownership 1. Tenancy In Common
2. Joint Tenancy
3. Tenancy by Entireties
4. Community Property
Test for Tenancy (TTiP) T: Time parties take possession
T: Title (who is on the deed)
I: Interest (equal or unequal)
P: Possession:
Tenancy in Common T: Parties DO NOT take possession at same time
T: Separate Deeds
I: May be unequal
P: Undivided Interest
Inheritable
, Barney Fletcher Cram Notes Booklet
questions 2 And Answers
Joint Tenancy T: All parties DO take possession at the same time
T: All on one Deed
I: Equal Interest
P: Undivided Interest
Right of Survivorship (Not Inheritable)
No Probate Court
Tenancy by the Entirety form of joint tenancy ownership for husband and wife
Not in GA
Community Property property obtained during the course of the marriage
Not in GA
Freehold Estates: Ownership; Two Types
2 Types of Freehold Estates 1. Fee Estates
2. Life Estates (Defeasable with Condition)
, Barney Fletcher Cram Notes Booklet
questions 2 And Answers
2 Types of Fee Estates 1. Fee Simple (absolute, best form of ownership)
2. Conditional (Defeasible) Property deeded with conditions, voluntary or Legal (Statutory)
Reversionary Deeded to the grantee for their life
Upon their death, ownership reverts back to grantor
Remainder Deeded by the grantor to grantee. When grantee dies, goes to someone else.
Reservation Grantor reserves possession of all or part of the land for the rest of their life
while deeding title to grantee.
Pour Autre vie Grantee's life estate is based on someone else's life.
Legal Life Estate 1. Dower (wife receives) NOT in GA
2. Curtesy (husband receives) NOT in GA
3. Homestead (owned and occupied by family and protected against judgement liens
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