22: Property
- Page ID
- 41882
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\(\newcommand{\avec}{\mathbf a}\) \(\newcommand{\bvec}{\mathbf b}\) \(\newcommand{\cvec}{\mathbf c}\) \(\newcommand{\dvec}{\mathbf d}\) \(\newcommand{\dtil}{\widetilde{\mathbf d}}\) \(\newcommand{\evec}{\mathbf e}\) \(\newcommand{\fvec}{\mathbf f}\) \(\newcommand{\nvec}{\mathbf n}\) \(\newcommand{\pvec}{\mathbf p}\) \(\newcommand{\qvec}{\mathbf q}\) \(\newcommand{\svec}{\mathbf s}\) \(\newcommand{\tvec}{\mathbf t}\) \(\newcommand{\uvec}{\mathbf u}\) \(\newcommand{\vvec}{\mathbf v}\) \(\newcommand{\wvec}{\mathbf w}\) \(\newcommand{\xvec}{\mathbf x}\) \(\newcommand{\yvec}{\mathbf y}\) \(\newcommand{\zvec}{\mathbf z}\) \(\newcommand{\rvec}{\mathbf r}\) \(\newcommand{\mvec}{\mathbf m}\) \(\newcommand{\zerovec}{\mathbf 0}\) \(\newcommand{\onevec}{\mathbf 1}\) \(\newcommand{\real}{\mathbb R}\) \(\newcommand{\twovec}[2]{\left[\begin{array}{r}#1 \\ #2 \end{array}\right]}\) \(\newcommand{\ctwovec}[2]{\left[\begin{array}{c}#1 \\ #2 \end{array}\right]}\) \(\newcommand{\threevec}[3]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \end{array}\right]}\) \(\newcommand{\cthreevec}[3]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \end{array}\right]}\) \(\newcommand{\fourvec}[4]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \\ #4 \end{array}\right]}\) \(\newcommand{\cfourvec}[4]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \\ #4 \end{array}\right]}\) \(\newcommand{\fivevec}[5]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \\ #4 \\ #5 \\ \end{array}\right]}\) \(\newcommand{\cfivevec}[5]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \\ #4 \\ #5 \\ \end{array}\right]}\) \(\newcommand{\mattwo}[4]{\left[\begin{array}{rr}#1 \amp #2 \\ #3 \amp #4 \\ \end{array}\right]}\) \(\newcommand{\laspan}[1]{\text{Span}\{#1\}}\) \(\newcommand{\bcal}{\cal B}\) \(\newcommand{\ccal}{\cal C}\) \(\newcommand{\scal}{\cal S}\) \(\newcommand{\wcal}{\cal W}\) \(\newcommand{\ecal}{\cal E}\) \(\newcommand{\coords}[2]{\left\{#1\right\}_{#2}}\) \(\newcommand{\gray}[1]{\color{gray}{#1}}\) \(\newcommand{\lgray}[1]{\color{lightgray}{#1}}\) \(\newcommand{\rank}{\operatorname{rank}}\) \(\newcommand{\row}{\text{Row}}\) \(\newcommand{\col}{\text{Col}}\) \(\renewcommand{\row}{\text{Row}}\) \(\newcommand{\nul}{\text{Nul}}\) \(\newcommand{\var}{\text{Var}}\) \(\newcommand{\corr}{\text{corr}}\) \(\newcommand{\len}[1]{\left|#1\right|}\) \(\newcommand{\bbar}{\overline{\bvec}}\) \(\newcommand{\bhat}{\widehat{\bvec}}\) \(\newcommand{\bperp}{\bvec^\perp}\) \(\newcommand{\xhat}{\widehat{\xvec}}\) \(\newcommand{\vhat}{\widehat{\vvec}}\) \(\newcommand{\uhat}{\widehat{\uvec}}\) \(\newcommand{\what}{\widehat{\wvec}}\) \(\newcommand{\Sighat}{\widehat{\Sigma}}\) \(\newcommand{\lt}{<}\) \(\newcommand{\gt}{>}\) \(\newcommand{\amp}{&}\) \(\definecolor{fillinmathshade}{gray}{0.9}\)- Distinguish between personal property and real property.
- Understand classifications of property.
- Examine methods of acquisition of real and personal property.
- Examine the landlord-tenant relationship.
- Understand how property is transferred through wills and trusts.
- Explore common land use regulations and environmental laws that businesses face.
- 22.1: Introduction
- This page discusses property as encompassing both tangible and intangible items owned by individuals or businesses, highlighting the right to exclude others from use. It emphasizes the necessity for businesses to comprehend the legal frameworks governing property acquisition and dispute resolution, as state laws differ.
- 22.2: Personal Property
- This page discusses the classification of property into real and personal categories, where real property refers to land and structures, while personal property includes movable items. It covers the acquisition of personal property through various means, such as production and purchase, and distinguishes between types of found property, each with distinct ownership rights.
- 22.3: Real Property
- This page details real property, including land, buildings, and subsurface rights, as well as acquisition methods like purchase and inheritance. It outlines ownership rights and responsibilities based on the entrant's status. Additionally, it covers water rights under the prior appropriation doctrine, easements for land use, and covenants restricting usage. The landlord-tenant relationship is also explained, detailing various tenancies with their rights and obligations.
- 22.4: Wills and Trusts
- This page discusses the importance of wills and trusts in transferring property upon death, including business assets. Wills guide estate distribution and must meet state requirements, while trusts benefit specific individuals, such as minors or those with disabilities. It also explains the difference between probate and non-probate assets, affecting taxes and distribution speed. Without a will or trust, asset distribution falls to probate court, which can be slow and expensive.
- 22.5: Land Use Regulation
- This page discusses nuisances, both public and private, which disrupt property use and enjoyment. It covers public nuisances affecting community health and private nuisances impacting individuals, such as neighboring smoke. Zoning laws are highlighted for their role in regulating land use and development, while eminent domain is explained as the government's ability to take private property for public use, ensuring just compensation as per the Fifth Amendment.
- 22.6: Environmental Law
- This page outlines environmental laws set by federal and state governments aimed at regulating pollution and protecting public health. Notable legislation includes the Clean Air Act and Clean Water Act, which grant the EPA authority to establish and enforce standards, with industries held accountable for compliance. The Clean Air Act facilitates emission credit trading to promote lower pollution levels.
- 22.7: Concluding Thoughts
- This page explains the distinction between real and personal property, including conditions for their conversion. It discusses ownership acquisition methods, liability concerns for businesses, and necessary compliance with land use and environmental regulations, such as the Clean Air and Water Acts. Additionally, it covers property transfer methods upon death, emphasizing the use of wills or trusts to simplify probate processes.