Chapter 10 - Property Law. In 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 AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Property Law: Mortgages, Leases and Licences Chapter 10 10- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Introduction People can hold an interest in real property. Often money is lent and real property is used as security for the loan. The resulting contract is called a mortgage. If personal property is used to secure a loan, a bill of sale is prepared. Alternatively, goods may be held by way of security. Bailment is the transfer of goods from one person to another with the intention that the goods will be returned to the owner at a later date. 10- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Distinction Between Real Property and Personal 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 AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Distinction Between Ownership of Property and Possession of Property Ownership: Person has legal rights over the property. Owners are said to have ‘title’ to the property. Possession: Person has physical control over the property. 10- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e 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 . | This is the prescribed textbook for your course. Available NOW at your campus bookstore! 10- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Property Law: Mortgages, Leases and Licences Chapter 10 10- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Introduction People can hold an interest in real property. Often money is lent and real property is used as security for the loan. The resulting contract is called a mortgage. If personal property is used to secure a loan, a bill of sale is prepared. Alternatively, goods may be held by way of security. Bailment is the transfer of goods from one person to another with the intention that the goods will be returned to the owner at a later date. 10- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e .
