TAILIEUCHUNG - Lecture Fundamentals of business law (4th): Chapter 10 - Margaret L. Barron, Richard J.A. Fletcher

Chapter 10 - Property law: mortgages, leases and licences. At the end of this chapter you should understand: the definition of the term ‘mortgage’ and the distinction between old title mortgages and Torrens system mortgages, the remedies available to a mortgagee if a mortgagor defaults, the definition of a personal property security,. | This is the prescribed textbook for your course. Available NOW at your campus bookstore! 10- Copyright © 2000 McGraw-Hill Australia Property law: mortgages, leases and licences Chapter 10 Definitions Ownership: Person has legal rights over the property. Possession: Person has physical control over the property. 10- Copyright © 2000 McGraw-Hill Australia Property Real property - Land - Items attached to land - Leases Personal property - Chattels that can be (not real property) possessed (tangible objects) - Chattels that cannot be possessed (intangible objects) interest in partnership copyright shares trademarks 10- Copyright © 2000 McGraw-Hill Australia Real property - attachments Test Fixtures (part of real property for sale purposes) Fittings Manner of attachment Permanent Can be easily removed Purpose of attachment (intention) For enjoyment of the item Damage resulting to remove Major damage Minor damage 10- Copyright © 2000 McGraw-Hill Australia Interests in land Doctrine of Tenure: Absolute ownership not possible as all land owned by Crown. 10- Copyright © 2000 McGraw-Hill Australia Estates in land Freehold Interest in land of uncertain duration. Fee simple: Interest continues, provided owner dies leaving an heir. Life estates: Created for life of a particular person. Leasehold Contract in the form of a lease for a fixed period between two parties: - lessor (landowner) - lessee (tenant) Native title to land Title enjoyed by descendants of the original inhabitants. 10- Copyright © 2000 McGraw-Hill Australia Estate in land – freehold Reversion Remainder A (Fee simple of land) A (Fee simple of land) on B’s death B (Life estate of land) B (Life estate of land) on B’s death C 10- Copyright © 2000 McGraw-Hill Australia Definitions Lease: An interest in land given by a landlord to a tenant, for a fixed period of time, granting exclusive possession. eg. lease of shop, house Licence: A contractual right (unable to be revoked) to do .

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