copyright – david a. mcgowan all rights reserved. chapter 2 slide 1 revised 5-7-09 chapter 2 real...

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Copyright – David A. McGowan All rights reserved. Chapter 2 Slide 1 Revised 5-7-09 Chapter 2 REAL PROPERTY AND THE LAW

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Page 1: Copyright – David A. McGowan All rights reserved. Chapter 2 Slide 1 Revised 5-7-09 Chapter 2 REAL PROPERTY AND THE LAW

Copyright – David A. McGowanAll rights reserved.

Chapter 2Slide 1Revised 5-7-09

Chapter 2

REAL PROPERTY AND THE LAW

Page 2: Copyright – David A. McGowan All rights reserved. Chapter 2 Slide 1 Revised 5-7-09 Chapter 2 REAL PROPERTY AND THE LAW

Copyright – David A. McGowanAll rights reserved.

Chapter 2Slide 2Revised 5-7-09

Gold

LAND(Page 11)

OIL

… defined as the earth’s surface extending downward to the center of the earth and upward to infinity.

Page 3: Copyright – David A. McGowan All rights reserved. Chapter 2 Slide 1 Revised 5-7-09 Chapter 2 REAL PROPERTY AND THE LAW

Copyright – David A. McGowanAll rights reserved.

Chapter 2Slide 3Revised 5-7-09

Land+Improvements

Real Estate (Page

11)

Page 4: Copyright – David A. McGowan All rights reserved. Chapter 2 Slide 1 Revised 5-7-09 Chapter 2 REAL PROPERTY AND THE LAW

Copyright – David A. McGowanAll rights reserved.

Chapter 2Slide 4Revised 5-7-09

RIGHTS OF OWNERSHIP (Page

17)

Possession

Control

Enjoyment

Exclusion

Disposition

Page 5: Copyright – David A. McGowan All rights reserved. Chapter 2 Slide 1 Revised 5-7-09 Chapter 2 REAL PROPERTY AND THE LAW

Copyright – David A. McGowanAll rights reserved.

Chapter 2Slide 5Revised 5-7-09

LAND

+ IMPROVEMENTS

+ RIGHTS OF OWNERSHIP

REAL PROPERTY (Page

12)

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Copyright – David A. McGowanAll rights reserved.

Chapter 2Slide 6Revised 5-7-09

Real Property (Page 12)

Personal property (Page 13)

Chattels or Personality (Page13)

Attachment (Annexation) (Page 14)

Severance

Deed (Page 14)

Bill of Sale (Page 14)

TERMS

Page 7: Copyright – David A. McGowan All rights reserved. Chapter 2 Slide 1 Revised 5-7-09 Chapter 2 REAL PROPERTY AND THE LAW

Copyright – David A. McGowanAll rights reserved.

Chapter 2Slide 7Revised 5-7-09

VEGETATION (Page

14)

Growing Vegetation

Emblements – Cash Crops

Page 8: Copyright – David A. McGowan All rights reserved. Chapter 2 Slide 1 Revised 5-7-09 Chapter 2 REAL PROPERTY AND THE LAW

Copyright – David A. McGowanAll rights reserved.

Chapter 2Slide 8Revised 5-7-09

FIXTURE (Page 15)

Personal property converted to real property

TRADE FIXTURE (Page 15)

Fixture used in conducting a business which remains personal property

Page 9: Copyright – David A. McGowan All rights reserved. Chapter 2 Slide 1 Revised 5-7-09 Chapter 2 REAL PROPERTY AND THE LAW

Copyright – David A. McGowanAll rights reserved.

Chapter 2Slide 9Revised 5-7-09

LEGAL TESTS OF A FIXTURE

(Page 15)

Agreement

Annexation

Adaptation

Intention

Page 10: Copyright – David A. McGowan All rights reserved. Chapter 2 Slide 1 Revised 5-7-09 Chapter 2 REAL PROPERTY AND THE LAW

Copyright – David A. McGowanAll rights reserved.

Chapter 2Slide 10Revised 5-7-09

ECONOMIC CHARACTERISTICS

(Page 17)

Scarcity

Improvements

Permanence of investment

Location

Page 11: Copyright – David A. McGowan All rights reserved. Chapter 2 Slide 1 Revised 5-7-09 Chapter 2 REAL PROPERTY AND THE LAW

Copyright – David A. McGowanAll rights reserved.

Chapter 2Slide 11Revised 5-7-09

PHYSICAL CHARACTERISTICS (Page

18)

Immobility

Indestructibility

Uniqueness

Page 12: Copyright – David A. McGowan All rights reserved. Chapter 2 Slide 1 Revised 5-7-09 Chapter 2 REAL PROPERTY AND THE LAW

Copyright – David A. McGowanAll rights reserved.

Chapter 2Slide 12Revised 5-7-09

SEVEN SOURCES OF LAW (Page 18)(Page 18)

United States Constitution Laws passed by Congress Rules of the regulatory

agencies

State constitutionsState statutes

Local ordinances

Common law

Centuries Old Law

Municipal laws

Federal Laws

State Laws

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Copyright – David A. McGowanAll rights reserved.

Chapter 2Slide 13Revised 5-7-09

ILLINOIS COMMON LAW ACTCommon Law Act (5 ILCS 50/)

Sec. 0.01. Short title. This Act may be cited as the Common Law Act. (Source: P.A. 86‑1324.)

Sec. 1. That the common law of England, so far as the same is applicable and of a general nature, and all statutes or acts of the British parliament made in aid of, and to supply the defects of the common law, prior to the fourth year of James the First, excepting the second section of the sixth chapter of 43d Elizabeth, the eighth chapter of 13th Elizabeth, and ninth chapter of 37th Henry Eighth, and which are of a general nature and not local to that kingdom, shall be the rule of decision, and shall be considered as of full force until repealed by legislative authority. (5 ILCS 50/1) (from Ch. 1, par. 801) (Source: R.S. 1874, p. 269.)