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When an Owner of Land Subdivides It into Lots and Records

question 65

True/False

When an owner of land subdivides it into lots and records the plat of the subdivision,he is held by some statutes and by common law to have dedicated to the public all streets,alleys,parks,playgrounds,and beaches shown on the plat.


Definitions:

Stockholders

Individuals or entities that own one or more shares of stock in a corporation, making them part owners of the company.

Transfer

The act of moving assets, funds, or ownership rights from one entity to another.

Articles of Incorporation

Legal documents filed with a governmental body to legally document the creation of a corporation.

Organizational Structure

The system of hierarchy and arrangement within a company that outlines roles, responsibilities, and relationships between individuals and groups.

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