Week One
Stages of a real property transaction
-letter of intent
-purchase and sale agreement
-delivery of deed and other processes
-closing
Nemo Dat
one can only transfer what one possesses
Lien
a right against collateral
true or false: Williams taught us about nuisance
false
name that song: its 9 o clock on a Saturday, the regular crowd shuffles in
Piano Man - Billy Joel
requirements for a valid gift
-an intent to give
-delivery
-acceptance
If Nico steals the Krabby Patty Formula from Mr. Krabs and sells it to Luke, a good faith purchaser for value, does Luke own the Krabby Patty Formula?
No. Because Nico committed theft --> he never truly owned the formula, and therefore, could not transfer possession to Luke.
mortgage
a security interest in real property
what is the typical remedy for nuisance
injunction
name that song: sorry I cannot hear you I am kind of busy
telephone lady gaga
true or false: delivery is a requirement of relinquishing possession
true
Hayley came across an auction. At this auction, she saw Kenny selling what appeared to be any old random dress. However, Hayley knew that this dress once belonged to Lady Gaga-as she was a true fan. Hayley bought the dress from Kenny for 25 cents even though she knew its true value was $250,000. Is Hayley a good faith purchaser for value?
equity of redemption
once a borrower pays all that is owed, the lien on the collateral vanishes even if the payment for the debt was late or the borrower was in default
what right in the bundle of sticks does nuisance protect?
right to use
name that song: y'all know I'm a grown boy your clique full of broke boys
Love Sosa by Chief Keef
is written expression of intent to deliver a gift enough...even when the gift is causa mortis?
No, not always.
what are the three types of recording acts we learned about
race
notice
race-notice
purchase money mortgage
refers to a mortgage that is given in exchange for money used to purchase the property
what is the main, general difference between property rule and liability rule:
property rule: consensual negotiation between parties
liability rule: party acts unilaterally court orders some type of compensation for the action
name that song: when the rooster crows at the break of dawn look out your window and I'll be gone
Don't think twice its alright written by Bob Dylan and ultimately sang better by Joan Baez
how is delivery completed?
by an act or word manifesting unequivocal intention to surrender the instrument to deprive the grantor of all authority over it
O conveys to A, who does not immediately record. O
then sells to B, who had no knowledge of the prior
conveyance. B does not record. A then records. B gives
the property to C for free, and C knew about O’s
conveyance to A. The jurisdiction operates under the
following statute: “A conveyance of an interest in land is
not valid against a subsequent bona fide purchaser for
value who takes without notice unless the conveyance is
first recorded.”
C-Shelter Rule
Bank A loans Bob $300,000 to purchase a home, and in return Bank A
receives a mortgage on the home. But Bank A does not record its mortgage
interest in the county office. Later, Bob takes out a $25,000 loan from
Bank B to fund some renovations on the property, and the loan is secured
by a second mortgage on the property, which Bank B promptly records.
Bank B had no knowledge of Bank A’s preexisting mortgage. Then, Bob
defaults on his obligations to Bank A and Bank A initiates a foreclosure
sale. Which bank gets priority in the payout from the foreclosure sale?
Generally, Bank A
What situation in the property/ liability rule matrix does Spur Industries Inc. v. Del E. Webb Dev. represent?
name that song: I don't know how you were inverted no one alerted you I look at you all, see the love there that's sleeping...
while my guitar gently weeps the Beatles