Explain the Difference Between a Possessory Interest in Land and a Non-Possessory

question 23

Essay

Explain the difference between a possessory interest in land and a non-possessory interest in land.Provide three examples of each.Provide an example of a property interest that combines a possessory element with a non-possessory element.

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Definitions:

Net Float

The difference between checks written against and deposited in an account, which affects the balance available in the account.

Collection Float

The time period between when a payment is made by a customer and when the funds become available in the company's account.

Mail Float

The time gap between when a payment is sent via mail and when it is received and processed, affecting the time when the funds become available.

Processing Float

The time difference between when a check is written and when it is actually cleared and funds are deducted from the account.