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Property I
University of Oklahoma College of Law
Guzman, Katheleen

I. What is property?
a. Legally, property is the legal relationship between or among persons or entities with respect to the thing. It can be regulated and still be property; it can be relative and still be property; it can be broken down into many constitutive parts and still be property; and the things to which is refers are going to be movables or immovables, personal or real.
II. What is legal relationship? (Bundle of Sticks)
a. Use
b. Possession
c. Transfer
d. Exclusion
e. Consumption/destruction
f. Enjoying the fruits and profits
III. Don’t have to have ALL rights to be an owner.
IV. Property has four methods of division
a. Physical
b. Economic/proportionate
c. Temporal
d. Division of rights
V. Terminology
a. Personal property (chattels) (personal property consists of chattels, or rights in chattels)
i. Movables
ii. Car, books, laptop
b. Real property (Real property is land, or more technically rights in land)
i. Immovable
ii. Land, house, trees
c. Fixtures
i. Things that could be both
d. Estate: means the right to possess land, either future or present
e. Present Estate: current right of possession
f. Future Estate: do not have a current right of possession, but you do have a right to possession in the future.
g. Seisin: possession of a freehold estate
h. Abeyance: lapse in succession during which no person is vested with title.
i. Escheat: lapsing or reverting to the crown or state as the original and ultimate proprietor of real estate, by reason of a failure of persons legally entitled to hold the same.
j. Mortgage: a conveyance of title to property that is given as security for the payment of a debt or the performance of a duty and that will become void upon payment or performance according to the stipulated terms.
k. Quitclaim deed: a deed that conveys a grantor’s complete interest or claim in certain real property but that neither warrants nor professes that the title is valid.
l. Warranty deed: a deed containing one or more covenants of title; a deed that expressly guarantees the grantor’s good, clear title and that contains covenants concerning the quality of title, including warranties of seisin, quiet enjoyment, right to convey, freedom from encumbrances, and defense of title against all claims.
m. Deed: a written instrument by which land is conveyed.
VI. Why real property is more important
a. Non-fungible
b. Temporal aspect
c. Number of potential people affected
d. Land is finite
e. Relatively immovable
VII. Seven present estates
a. Fee Simple Absolute-FSA
b. Life Estate-LE
c. Fee Simple Determinable-FSD
d. Fee Simple Subject to Condition Subsequent-FSSTCS
e. Fee Simple Subject to Executory Limitation-FSSTEL
f. Fee Tail-FT
g. Lease (non-freehold)
VIII. Marketable title is defined as:
a. Reasonable lender would lend on (collateralize)
b. Reasonably prudent purchaser willing to buy
c. Reasonably clear (free from) defects of title
d. That which a court would force upon an unwilling buyer
IX. Words of Purchase and Limitation
a. Purchase is who gets it
b. Limitation is what it is
c. To A (purchase) and his heirs (limitation)
X. History
a. History matters!
i. Land has a history
ii. It is fundamentally unfair to change the rules or change expectations because it can redistribute wealth or expectations.
b. Feudalism: service in exchange for protection
c. 1065: a person is born, lives, and dies in the same place. There was an oral tradition of passing information.
d. 1066:
i. “the King is dead, long live the King” symboliz

b. A pure trustee may use property for his exclusive benefit and take all income and profits.
c. Fee Simple Determinable
i. An estate that will automatically end and revert to the grantor if some specified event occurs. The future interest retained by the grantor is called a possibility of reverter (POR).
ii. Identify
1. Necessary language:
a. For so long as
b. Until
c. During
d. While
2. Common law: if no “and his heir’s” then LED
3. Modern: FSD
iii. Describe
1. Use: anyway you want except for limitations in the deed
2. Duration: potentially infinite
3. Transfer
a. Alienable: Yes
b. Devisable: Yes
c. Decendable: Yes
iv. Terminates automatically upon the happening of the designated terminating events.
v. Subject to waste action
d. Fee Simple Subject to Condition Subsequent
i. An estate subject to the grantor’s power to end the estate if some specified event happens. The future interest retained by the grantor is called a power of termination (POT).
ii. Identify
1. Necessary language:
a. Provided that
b. If then
c. Upon the condition that
2. Common law: if no “and his heir’s” then LESTCS
3. Modern: FSSTCS
4. Need a “then what” clause
iii. Describe
1. Use: Anyway except condition
2. Duration: potentially infinite
3. Transfer
a. Alienable: Yes, with condition intact
b. Devisable: Yes, with condition intact
c. Decendable: Yes, with condition intact