property law

Definition

Latin for "as if." Commonly used as a prefix to show that one thing resembles, but is not actually, another thing. For example, a quasi-contract resembles, but is not actually, a contract.

Illustrative caselaw

See, e.g. Humphrey's Ex'r v. United States, 295 U.S. 602 (1935).

See also

• Quasi-community property

• Quasi contract

• Quasi-corporation

• Quasi-criminal (proceeding)

Definition

Non-absolute property ownership: ownership that is limited in time, restricted to one or more uses, or shared.

Illustrative caselaw

See, e.g. Holmes v. United States, 85 F.3d 956, 959 (2d Cir. 1996).

See also

• Conditional ownership

• Joint tenancy

• Life estate

• Real property

Definition

An indorsement — the placement of a signature on the back of a negotiable instrument — coupled with an additional phrase, e.g. "without recourse" or "for deposit only," limiting the liability of the indorser (signer) in the event the instrument is dishonored. A qualified indorsement makes it more difficult for a thief or embezzler to cash an instrument. Also spelled qualified endorsement. 

Definition

In a 1031 exchange, a person who acquires business or investment property from a taxpayer, sells that property, uses the proceeds therefrom to acquire like-kind business or investment property for the taxpayer, and then transfers the like-kind property to the taxpayer. A taxpayer who uses a qualified intermediary to conduct a 1031 exchange can defer payment of capital gains tax on the sale of his or her property.

Property owned by the government (or its agency), rather then by a private individual.

Examples include:  parks, streets, sidewalks, libraries.

Definition

The ability to achieve a practical end due to knowledge and/or skill. Know-how is intangible property, the rights to which a person may buy or sell.

Illustrative caselaw

See, e.g. Copperweld Corp. v. Independence Tube Corp., 467 U.S. 752, 757 (1984).

See also

• Trade secret

Property without a physical existance. 

Some intangible property might have a paper embodiment, (such as stocks, bonds, or certificates) but other intangible property does not (goodwill, intellectual property, reputation).  Due to this characteristic, intangible property may be difficult to value, but is still a form of property.

 The value of property as determined by the market place (or objective purchasers) rather then as determined by a subjective individual.  This is what an informed and unpressured buyer would pay to an informed unpressured seller in an arms length transaction (the price is based solely on the value of the property, as opposed to if you were selling the property to a family member and giving them a special deal).

Definition

A formal agreement, typically in a deed or lease, in which a seller or lessor promises to protect a buyer or lessee in the event of a disturbance of his or right to quiet enjoyment of the property he or she is buying or leasing. A covenant of quiet enjoyment insures an owner or tenant against a disturbance of his or her right to possess or use property. For example, a covenant of quiet enjoyment could prevent a tenant from being evicted by a person with superior title. Also called covenant for quiet enjoyment. 

Property that is jointly owned by both spouses; and on the death of one spouse their 1/2 share will pass directly to the other spouse without going through probate.

For example, Husband and Wife own a house in a community property state.  Each owns 1/2 of the whole house.  When Husband dies, Wife will take husbands interest, and Wife will own the entire house.