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9 Cards in this Set
- Front
- Back
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Define fixture |
Personal property that has been permanently attached to land or building |
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Annexation |
Things that have become permanent improvements on land. Ex. Landscaping |
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Total Circumstances Test |
Legal test applied by courts to determine whether item is a fixture |
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4 parts of the Total Circumstances Test |
IRMA Intention of the annexor Relationship of the annexor Method of annexation Adaptation to real estate |
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Trade fixtures |
Article owned by a tenant and attached to rental space for conducting business. Also chattel fixture |
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3 ways trade fixtures differ from other fixtures |
1 trade fixtures installed by tenant and remains tenant's personal property 2 considered permanent addition but are removable 3 trade fixtures are not included in sale of Real property except by special agreement |
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Accession |
Acquiring trade fixture that was not removed by tenant by end of lease |
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Agricultural fixtures |
Real property and can not be removed by the tenant farmer at end of lease without special written permission |
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UCC |
Uniform Commercial Code - states that a homeowner purchases an item on credit with a security agreement and defaults item can be removed by creditor regardless who owns property it is in. |
