Factors Affecting Ownership of Property - Essay Example

Factors affecting ownership of Property al Affiliation) Ownership of property It is the right of individuals in the various disciplines to possess property (Schmidgen, 2002). There is a division between properties, and they are categorized into movable and immovable property. The movable properties correspond to personal property and immovable property corresponds to real estates. Joint tenancy on the Mountain Property Joint tenancy is a scenario where two or more people take a title deed on joint ownership. Each individual is entitled to a proportion of land according to his or her contribution to the asset (Barnett, 2011). In the case that one of the individuals dies, his or her share of the property goes automatically to the remaining partners. The act of transferring ownership to the remaining tenants is referred as the right of survivorship (Spiers 2008). Joint tenancy is restricted to a maximum of four members who are allowed to own property. In the state of North Carolina, individuals are allowed to form a joint tenancy with a right of survivorship. According to the laws associated with joint tenancy in the state of North Carolina, the title of assets passes on to the other joint members in the case of death. Bank accounts held by the joint tenants can be withdrawn by any of the joint members. In the event that one of the members dies, his or her will has no effect on the joint tenancy. The asset in the joint tenancy may be available to creditors of the other tenants. Laws governing trespassing A trespasser can have ownership to land in the state of North Carolina provided he or she occupied it for a period of time. Nevertheless, adverse possession of land is a doctrine that allows individuals to own land if they had possession of the land for a certain period (Barnett 2011).  Title deeds of adverse possession depend on the different states. The period of time set by North Carolina is 20 years and the adverse possessor is expected to have full claim of the land for the period. An individual may advise Martin legally, that the piece of land obtained by Otis is legally his. Martin should take the matter to court and try battling the matter with Otis. Individuals have the right to keep intruders off their property. In the future Martin should keep off intruders by fencing the property and placing signs that warns trespassers. Legal action will be taken by the individuals who cannot keep away from the property (Barnett, 2011). It is a legal way to keep adverse possessors of the personal property and helps in avoiding adverse possession of an individual property. Martin, as a Christian, should try to know the problems affecting the son of his friend Peter. He should help Andrew if he is in a position to do that comfortably. According to Jones vs. Green (1864), the will left by Peter has no chance of helping Andrew in a court of law. Martin should help the son his friend as a Christian, but Andrew will not win the case in court Eminent domain on Martins Coastal property Eminent domain is the power the state government has over all the properties owned within the state. The power gives the government the ability to seize any land it feels will benefit the community (Barnett, 2011). According to the constitution, the state government is permitted to take private property if they give full compensation to the owners of the property. The value of the property is often valued at a fair value. A fair value is considered as the highest market price an individual is willing to pay for the property (Ashar & Baker, 2010). The state government can exercise power over private property in a state only if it will benefit the society in general. The most common examples of eminent domain is taking of private assets to expand roads, build hospitals among others. In the recent past, there has been growing concern over the misuse of eminent domain by corrupt government officials (Ashar & Baker, 2010).  The case of Kelo vs. New London, 2005, the case became a reference to eminent domain by the government. In the case, the government included the government included property of Kelo in the economic development plan of the state. The case gained publicity and made new interpretation of eminent domain. The court held that state government has all the right to proceed with its development plan (Micelin, 2011). The proposed taking of the state government were valid and the city had the advantage of improving the livelihoods of the its citizens. According to the law, Martin has to oblige with the decision of the state government in developing a family resort in his private property. The Tar Heel Family Resort is a project by the state government to try and improve the image of the city. I would advise Martin to proceed as advised by his lawyer and take the compensation of the house. It is due to the fact that he has no power to challenge eminent domain (Schmidgen, 2002). Martin has to take compensation because legally the state government has the right to proceed with the development of the resort. A bailment is the possession of personal property for a purpose other than the purpose of transferring the title to recipients (Micelin, 2011). It involves holding of personal property so that the individual holding the property simply has control over it. The control may be for the purpose of inspection, preservation and security of the property. An individual who has a voidable title has the power to transfer a good title to a good faith purchaser for the reason of value. The possession of goods by a merchant who transacts with assets of these kind gives him or her ability to shift all the rights of the engaging individual. The person who bought the car from a used car lot in Kinston has no voidable title over the car. In addition to the case the individual cannot claim that Martin has to reimburse him $5600 that he used to purchase the car. The local police should impound the vehicle because it is evidence of a criminal case. Martin will be given the car only if Benjamin is caught or the case is adjudicated (Schmidgen, 2002). Assuming the car had valid insurance, then Benjamin has the right to pay for impound charges as the individuals who were handling stolen property are handled in court. According to Christianity, Martin should take his car and request the local police to locate Benjamin. References Top of Form Bottom of Form Top of Form Bottom of Form Top of Form Bottom of Top of Form Bottom of Form Ashar, L., & Baker, S. (2010). The complete guide to planning your estate in Michigan: A step-by-step plan to protect your assets, limit your taxes, and ensure your wishes are fulfilled for Michigan residents. Ocala, FL: Atlantic Pub. Group. Barnett, L. (2011). The place of law: The role and limits of law in society. New Brunswick: Transaction. Miceli, T. (2011). The economic theory of eminent domain: Private property, public use. Cambridge: Cambridge University Press. Schmidgen, W. (2002). Eighteenth-century fiction and the law of property. Cambridge: Cambridge University Press. Spiers, D. (2008). Property law. Dundee: Dundee University Press. Read More