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. McGowanAll rights reserved.
Chapter 2Slide 1Revised 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.
Copyright – David A. McGowanAll rights reserved.
Chapter 2Slide 3Revised 5-7-09
Land+Improvements
Real Estate (Page
11)
Copyright – David A. McGowanAll rights reserved.
Chapter 2Slide 4Revised 5-7-09
RIGHTS OF OWNERSHIP (Page
17)
Possession
Control
Enjoyment
Exclusion
Disposition
Copyright – David A. McGowanAll rights reserved.
Chapter 2Slide 5Revised 5-7-09
LAND
+ IMPROVEMENTS
+ RIGHTS OF OWNERSHIP
REAL PROPERTY (Page
12)
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
Copyright – David A. McGowanAll rights reserved.
Chapter 2Slide 7Revised 5-7-09
VEGETATION (Page
14)
Growing Vegetation
Emblements – Cash Crops
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
Copyright – David A. McGowanAll rights reserved.
Chapter 2Slide 9Revised 5-7-09
LEGAL TESTS OF A FIXTURE
(Page 15)
Agreement
Annexation
Adaptation
Intention
Copyright – David A. McGowanAll rights reserved.
Chapter 2Slide 10Revised 5-7-09
ECONOMIC CHARACTERISTICS
(Page 17)
Scarcity
Improvements
Permanence of investment
Location
Copyright – David A. McGowanAll rights reserved.
Chapter 2Slide 11Revised 5-7-09
PHYSICAL CHARACTERISTICS (Page
18)
Immobility
Indestructibility
Uniqueness
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
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.)