Study Notes on Property Rights CH 7 PT 3

Accession

• Accession refers to increasing the value of property through improvement.

• Example: If a $500 car is restored into a $20,000 collector's item, the improvement is considered accession.

• Legal ownership rights can be affected by how property was acquired (e.g., theft vs. accidental acquisition).

Gift of Property

• A gift is a transfer of ownership without exchange; one party receives value.

• The donor is the giver; the donee is the receiver.

• Intent to give and actual transfer necessary for a valid gift.

• Constructive transfer: giving something representing the gift (e.g., keys to a car).

• Testamentary gifts are given through a will; bequests are for personal property.

• Intervivos gifts are made during the giver's lifetime.

Limitations on Property Use

• Use of property can be restricted by nuisance laws.

• Public nuisance affects many people; private nuisance affects individuals.

• Courts can impose restrictions and require damages for unreasonable property use.

Zoning

• Zoning laws regulate land use types (e.g., residential, commercial).

• Variances allow exceptions to zoning rules.

• Public hearings are required for rezoning proposals, allowing public input.

• Essential for community engagement in land use decisions.