Business Laws

Classification of Property Law

As you might have guesses property law is not as simple as it seems from its name, it is highly characterized by historical continuity and technical terminology.  Basic coverage area of property law is recognizing the difference between property and personal rights, but property law is much more than that.property-law

There have been problems, criticism on the division of land ( real property ) and chattels ( personal property ), because, as they say, this law is focused on the objects of the interests, while it should concentrate its attention towards proprietary interests. And property law is shady in the case affixed chattels, that become the part of the land after they are placed.property-law-large

Important factor in classification of property law is the concept of possession. Possession of property was created to avoid civil disorder between two parties that have their aim at the same piece of property. Due to possession of property the individual or the organizations have full rights on that property, or partial rights depending on the contract they have signed and the amount of property they own in percentages

No one can interfere in the possession of a property, and a legal action may be used when someone that has less rights on that property tries to overtake it or interfere with it. Only on the event  when the interfering party has superior rights on that property they can take possession or interfere in your actions with said property.

Transfer of property is the most usual way of acquiring property, or an interest in one. This acquisition of the property can be done through selling of said property, but it can be in form of a gift as well. Disposition of property by consensual transaction can be done through the will of deceased party. If an owner trusts you he can give you an interest in their property. The most common example of this is when a parent gives a percentage in company to their children.

If a person dies, and he dies bankrupt, his property can be shared among parties who can get their debt through acquisition of the property. If you have some concerns don’t hesitate to ask trust attorney orange county.