Property law

http://en.wikipedia.org/wiki/Property_law

Vocabulary Notes

thereon	слідом за тим
devolve	передавати; переходити
tenure	тимчасова власність, володіння
fealty	вірність васала феодалові
alongside	поруч, поблизу
exercisable	який може бути використаним, здійсненний
deal	частина; кількість
enforceable	який має позовну силу
comply	виконувати, (with) підкорятися, поступатися, погоджуватися
chattel	рухоме майно; рухомість
intestacy	відсутність заповіту
dichotomy	послідовний поділ на дві частини; дихотомія
draft	виділяти, позначати, помічати
fixture	рухомість, поєднана з нерухомістю
render	надавати, віддавати, платити
mortgage	застава; іпотека
loan	позика, кредит
remove	прибирати, знімати
asset(-s)	майно, активи
afford	мати можливість, дозволити собі

Property law is the area of law that governs the various forms of ownership and tenancy in real property (land as distinct from personal or movable possessions) and in personal property, within the common law legal system. In the civil law system, there is a division between movable and immovable property. Movable property roughly corresponds to personal property, while immovable property corresponds to real estate or real property, and the associated rights and obligations thereon.

The concept, idea or philosophy of property underlies all property law. In some jurisdictions, historically all property was owned by the monarch and it was devolved through feudal land tenure or other feudal systems of loyalty and fealty.

Though the Napoleonic code was among the first government acts of modern times to introduce the notion of absolute ownership into statute, protection of personal property rights was present in medieval Islamic law and jurisprudence, and in more feudalist forms in the common law courts of medieval and early modern England.

Property rights are rights over things enforceable against all other persons. By contrast, contractual rights are rights enforceable against particular persons. Property rights may, however, arise from a contract; the two systems of rights overlap. In relation to the sale of land, for example, two sets of legal relationships exist alongside one another: the contractual right to sue for damages, and the property right exercisable over the land.

Property law is characterized by a great deal of historical continuity and technical terminology. The basic distinction in common law systems is between real property (land) and personal property (chattels).

Before the mid-19th century, the principles governing the transfer of real property and personal property on the intestacy were quite different. Though this dichotomy does not have the same significance anymore, the distinction is still fundamental because of the essential differences between the two categories. An obvious example is the fact that land is immovable, and thus the rules that govern its use must differ. A further reason for the distinction is that legislation is often drafted employing the traditional terminology.

The division of land and chattels has been criticized as being not satisfactory as a basis for categorizing the principles of property law since it concentrates attention not on the proprietary interests themselves but on the objects of those interests. Moreover, in the case of fixtures, chattels which are affixed to or placed on land may become part of the land.

Task 1. Decide if it is true or false:

1. Property law governs the various forms of ownership and tenancy.

2. According to the civil law system, there is no division between movable and immovable property.

3. Property law is based on the concept, idea or philosophy of property.

4. The Napoleonic code was among the last government acts of modern times to introduce the notion of absolute ownership into statute.

5. Property rights are rights over things enforceable against particular persons.

6. The man distinction in common law systems is between real property and chattels.

7. Before the end of 19th century, the principles governing the transfer of real property and personal property on the intestacy were quite different.

8. Chattels which are affixed to or placed on land must become part of the land.

Таsk 2. Match the words and their definitions:

1) property	a) property owned by an individual or business which is movable and is not affixed to the land
2) ownership	b) capable being forced or ordered to comply through a legal process
3) tenancy	c) capable of being exercised, or made proper use of
4) real estate	d) right of proprietorship
5) personal property	e) physical or intangible entity that is owned by a person or jointly by a group of people
6) enforceable	f) occupancy of lands, buildings, or other property, under a lease, or on payment of rent
7) exercisable	g) to match up with smth.
8) fixture	h) to have or exercise a determining influence
9) correspond to	i) immovable property of its nature
10) govern	j) a chattel bound to real estate

Task 3. Fill in the gaps with the letters omitted:

1. T_n_re is the holding of _roperty, especially re_lty, in return for services rendered.

2. Legal o_nership of the cha_tel is transferred to the purchaser at the time of purchase, and the m_rtg_ge is removed once the loan has been repaid.

3. Chattel property is converted into a fi_ture by the p_oce_s of attachment.

4. In the laws of the USA, the 'real' in 'r_al e_ta_e' means relating to a thing as distinguished from a person.

5. Im_ova_le property refers to as_e_s that are fixed or immobile/immovable or cannot be moved without causing destruction or permanent alteration to the asset.

6. Mo_able property refers to assets that can be moved without damage or per_ane_t alteration to the asset.

Таsk 4. Complete the table:

Verb	Noun	Adjective
		exercisable
	enforcement
legalize
vary
		governmental
	system
differ
		payable
	division

Task 5. Complete the sentences in the text below using the correct form of the verb (http://www.hg.org/realest.html).