Ownership Systems and Rights Flashcards
Allodial System
Ownership system based in Roman Law that establishes absolute ownership with no obligation to pay rent or services
Bundle of Rights
Property rights that include the rights of control, possession, quiet and peaceful enjoyment, disposition, and encumbrance
Escheat
The reversion of property to the state upon the death of an owner who has no will or heirs who can inherit
Feudal System
All the land belongs to the sovereign king or queen and everyone owes rent or services to a superior
Fief (Fiefdom)
An estate held as a condition of a service to another
Property
The rights of ownership; the right to use, possess, enjoy, and dispose of a thing in every legal way and to exclude everyone else from interfering with these rights
Quitrent
Small payment early colonists in America paid to the king for the land they held in tenure
Statute of Quia Emptores
Law which enabled a tenant to sell his land, but required the new owner to continue to pay goods, etc. connected to the tenancy
Bill of rights: Control
You can do what you want with your property as long as its legal
Bill of rights: Possesion
Right to have and to hold, physical custody of property
Bill of rights: Quiet and Peaceful enjoyment
Owners have right to tranquility
Bill of rights: Disposition
Right to sell, will, lease, barter or destroy property`
Bill of rights: Encumbrance
Right to mortgage, grant easement, or burden title
