Land Description Method: Metes and Bounds | Hank's Rights to

School: Itawamba Community College - Course: MANAGEMENT 3213 - Subject: Accounting

Exam 2 Extra Credit 1.Which land description method is describing this particular land interest? Beginning at a point on the south side of Bully Street, 100 feet east from the corner formed by the intersection of the south side of Bully Street and the east side of Cowbell Street, then proceeding south parallel to the east side of Cowbell Street 100 feet; then proceeding east parallel to the south side of Bully Street 50 feet; then proceeding north parallel to the east side of Cowbell Street 100 feet to the south side of Bully Street; and then proceeding west on the south side of Bully Street; 50 feet or to the beginning point. Metes and Bounds 2.Hank and Isabelle are engaged, but have not set a wedding date yet. Isabelle buys a home at 123 Smith Street and lives there for 6 months. Isabelle pays all utilities, mortgage, and taxes on the property. After 6 months, Isabelle asks Hank to move in. Hank moves in, and begins paying half of the mortgage, utilities, and taxes on the property with Isabelle. Hank and Isabelle live together for three years at 123 Smith Street. Before the wedding date, Hank and Isabelle hit some rocky times, and Hank throws Isabelle out of the house located on 123 Smith Street. Isabelle comes to you, her attorney, and asks whether Hank can do this. Specifically, Isabelle wants to know what Hank's rights are to the property located at 123 Smith Avenue. Does Hank have any legal ownership to this property? No 3._________________________________ are the major east-west guidelines used in the Government Survey land description method. Baselines 4.Jake buys a home located at 456 Jones Road in 2012. This home is his primary residence. Jake also opens up a savings account in his own name, and deposits $5,000.00 into the account. Jake meets Kelly in 2013 and falls in love with her. Jake asks Kelly to marry him in May, 2014, and in June, 2014, Jake asks Kelly to move in with him at 456 Jones Road prior to their wedding date. Kelly accepts, and on August 1, 2014, moves in with Jake after Kelly's apartment lease ends. On November 1, 2014, Jake and Kelly marry. In January, 2015, Jake buys a condo located on a beach at 789 Frontage Road. Kelly did not contribute any money towards buying this condo. Jake and Kelly use this condo sometimes as a vacation home. In February, 2015, Kelly wants to buy a new car. She knows Jake has $5,000.00 in a savings account he started in 2012 before he met her. Kelly asks for the $5,000.00 to put towards the car, and Jake says no. Jake and Kelly then question their love for each other and start seeing other people. As of August 1, 2014, is the home located at 456 Jones Road considered community property?

No 5.How large is one grid, according to the government land survey description? 24 miles 6.__________ is the section of the Uniform Commercial Code (UCC) that governs security interests in personal property and fixtures Article 9

7.A claim of lien regarding a materialman's lien must be filed within _____ days after the last work was done or the last materials were furnished. 90 8.David owns a home located at 123 Mulberry Lane. He decides he wants to redo the basement and make it into a man cave. In March, 2015, he enters into a contract with Albert to remove several inner basement walls to make an open layout man cave. The contract between David and Albert states that David will pay Albert $10,000.00 for his labor and materials. In April, 2015, David then enters into a contract with Brian to build custom built wooden bookcases that would hold a large home movie theater system. The contract between David and Brian states that David will pay Brian $20,000.00 for his labor and materials. In May, 2015, David has a birthday. As a birthday present, Calvin tells David he will paint the walls of David's basement-turned-man cave. David picks out a blue color, and Calvin paints the walls as a gift to David. In June, 2015, David enters into a contract with Ferguson to install a home movie theater system inside the basement. The contract between David and Ferguson states that David will pay Ferguson $30,000.00 for his labor and materials. In July, 2015, David has not paid anyone any money towards their fees for their work and/or furnished materials for his basement (thus, full balances are due and owing at this time). David decides to leave town and wants to sell his home. It's valued at $30,000.00. Several of the above mentioned people decide to place liens on David's home to make sure they get paid. By what method will priority be determined? (i.e., who will get paid first)? The order of priority will be determined on a proportional basis. 9.A court is trying to decide whether an item is a fixture. The item was placed there by the property owner. A court determines that since a property owner, and not a renter, placed the item on the property, that the item is indeed a fixture. What fixture test did the court use in determining this? Relationship Between Annexor and Premises Test 10. To enforce a materialman's lien, a materialman must file his lawsuit within 90 days. False