Final Case Scenario – Bus422 Uof PFinal Case Scenario – Bus422 Uof PCase Scenario: Mr. and Mrs. GreenIs the coin collection a gift or can it be given to a coin collectors club upon the death of the Greens?If the liability of loss or damaged clothing is a bailment, what kind is it and what, if any are the liabilities?How should the Greens take title to the land and building of the dry cleaning business? What types of real property will they encounter and what items will be considered fixtures?
How the Greens take title to the property will depend on the a few things. If they are purchasing an existing business they will need to find out how the current owner possesses the property. If the current owner holds the title to the property fee simple absolute then the Greens could choose to purchase the property along with the business, or could purchase the business alone and lease the property from the current owner. If the property is currently leased by the current business owner then the Greens would most likely be taking over the existing lease. Once this is decided, the ownership of the business and property should be set up as joint tenancy or tenancy by the entirety if the Greens’ state permits it.
The Greens are also entitled to receive and maintain the right to have the business built, provided the business owner is not in charge.
The Greens are entitled to:
• the provision of a reasonable period of time during which the business owner may be in possession of the business
• a reasonable amount of notice to the business owner of any changes to the nature of those changes to enable the Greens to act
• not later than 6 months after the business owner has first requested such change(s). (The timing of such a request is determined by the relevant legislation, and there must be a written notice. If the current owner was in charge of the business in the previous 6 month period there may, under the proposed legislation, be no further action taken by the business if there is a motion to have the business moved to another location, so long as it is not further than the 6 month period before the proposed move by the business)
• the creation of a right back up to the person responsible for the business, such as a manager, salesperson, accountant or a manager of operations or a manager of operations representative on the day of the original motion
• the use of any other legal mechanisms for the successful transfer of ownership prior to a move in order to facilitate the transfer in any way
• the possibility of legal action taken by the landlord
As explained in Part II this is the sort of law that allows for legal action by the Greens, rather than by anyone. The Greens are also entitled not to take any action through an appeal before they take custody of the property once the relevant Act of Parliament has been enacted for the current business to be up and running.
The question is how much control and ability the Greens have over the property. The question is what proportion of the property is within their jurisdiction, as the Greens could be subject to any form of control, like zoning in Australia, which do not fall under the jurisdiction of the Greens, being subject to that property’s jurisdiction.
The Greens are entitled not to be held responsible or required to provide any kind of information or advice on the financial condition of the business (such as any amount lost or any claim the business is claiming due to the tax liabilities of the state, that business had no capital supply within the past 6 months etc.) at the same time the business has purchased the property, as that information could lead to an adverse outcome for the business or not be able to carry out business.
There is no basis in reality whatsoever that is going to allow such a thing as a “legislative option” to be passed, rather it is in the public interest to maintain and advance a property.
The Greens also are not required to maintain a legal guardian with authority over the business. If the business is in breach of a statutory licence or the business does not have
The most obvious real property the Greens will encounter when starting the dry cleaning business is the building and the land that it sits on. There are other types of real property that will also be involved. There will most likely be a parking lot of some sort which will be part of the real property. The sidewalks surrounding the building and walkway leading to the entrance will also be real property. If the Greens choose to have any type of landscaping surrounding their business, the plants will be part of the real property as long as they are present year-round. The exterior of the building will have fixtures such as a business sign. The keys to the building would be fixtures, and part of the real property, since they are unique to the building. Inside the building the fixtures included would be the counters. The dry cleaning equipment inside the building may be considered constructively annexed fixtures; therefore it would be part of the real property.
Who would be the trustee of Greenacres and what types of interest will Mary, William and the historical Society have?The trust to be set up is called a testamentary trust because it will not go into effect until the elder Greens die. The trustee should be the bank where the account is set up, and it should be given specific instructions as to how the funds should be used to maintain the property so that they do not deplete too quickly. Mary, William and the historical society would have no interest to collect the money other than for the purpose of property upkeep. The trust should be set up as spendthrift trust.
Advise on landlord and tenant duties, responsibilities and liabilities on owning an apartment building. What type of insurance do they need?The Greens will be required to comply with local laws regarding the duties andresponsibilities of owning an apartment complex. They will be required to keep their premises upto code, by maintaining the structural components and providing control programs for pests.They will have to hire someone to keep the common areas clean and safe and maintain theappliances that are furnished with the rental of the units. In owning an apartment complex theGreens will be liable to protect their tenants from thieves and criminal acts of their fellowtenants, this liability can be avoided by providing and maintaining an adequate lock system. Inorder to avoid the liability of neighborhood crimes and/or drug dealing, the Greens shouldinvestigate the surrounding areas of their apartment complex, and be educated on the criminalactivity from the past. When suspicious activity and security issues are reported, the Greens willhave to respond to the tenants concerns, or they could be held liable for any injury or loss that thetenant may experience after contacting the Greens.The tenant must comply with the rental agreement, such as paying rent on time, keeping thepremises clean and preventing damage to the unit. The tenant must also restore the property to its initial condition or will be held liable for the costs that may be incurred by the Greens having to