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One of the tenants may have a larger share of property than the others.

Accession can make the personal property of one owner become substantially more valuable chattel as a result of the work of another person. Thus, the main characteristic of personal property is that it is movable, unlike real property or real estate. Intangible property includes such rights as stock, bonds, patents, and copyrights.To have possession, an individual must have a degree of actual control over the object, coupled with an intent to possess the object and exclude others from possessing it. Easements also are used for public objectives, such as to preserve open space and conserve land. A bare license occurs when a person enters or uses the property of another with the express or implied Legal Definition of Property? The purchaser of an apartment in the building buys stock in the corporation, receiving a stock certificate and a lease to the apartment. For example, a chandelier mounted on the ceiling of a house becomes a fixture.A life estate is usually created by deed but can be created by a lease. The owner of real property has the right to exclusive possession of her land, which includes the airspace above and the space below the surface within the exterior boundaries of the property.A bailment differs from a sale, which is an intentional transfer of ownership of personal property in exchange for something of value, because a bailment involves only a transfer of possession or custody, not ownership.A remainder is a good example of a future interest. Personal property can be divided into two major categories: tangible and intangible. "Public property" refers to ownership by a governmental body such as the federal, state, county or city governments or their agencies (e.g. This also includes the right and interest of which a person holds in lands and chattels to the exclusion of others. Property in the abstract is what belongs to or with something, whether as an attribute or as a component of said thing. There are three categories of license: bare licenses, contractual licenses, and licenses coupled with an interest. A contingent remainder is based on something happening in the future. The grantee of a life estate is called the life tenant.All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. The heirs of Jane are not yet known, so they have a contingent remainder.Ordinarily when articles are found by an employee during and within the scope of her employment, they are awarded to the employer rather than to the employee who found them.Lost or mislaid property continues to be owned by the person who lost or mislaid it.