tions upon their own government. In regard to all these matters the state constitutions of the several states are supreme in authority. State statutes made in accordance with the state constitution are next in authority, and lastly stands the common law. When there is a conflict between the statute of a state and the common law, the statute takes precedence until repealed, when the common law again comes into operation. The common law is in force wherever there is no statute upon a subject, and it thus supplies what in many cases would be a great deficiency in our statute law. No legislators could possibly foresee and provide for all the possible contingencies and difficulties that could, and do, arise in the business relations of a complex civilization.

17. Commercial Law is that branch of the common law which more particularly pertains to contracts and the ordinary affairs of business. It embraces more than the old "law merchant," for that was mainly concerned with marine affairs and bills of exchange.

Being a branch of the common law, its source is the same as is the common law, and it is modified or annulled by statutes in the same

manner.

18. Definition.Property in its legal sense is the right which one has in anything to the exclusion of every one else.It will thus be seen that it is not the thing itself that constitutes property, but it is the exclusive right to it or to a certain part of it. When a thing is sold it is simply the right to it that is transferred, although the possession or custody of the thing itself may or may not be transferred. The common acceptation of the term property, however, is the thing itself.

19. Kinds. There are two kinds of property-real and personal. Real property, or real estate, includes all property of a fixed or immovable character, such as land, together with what is permanently attached to it, or is built or growing upon its surface, and the minerals that are beneath. Improvements are, however, sometimes made upon realty under such circumstances as to still remain in the eyes of the law separate and distinct. (See Fixtures.)

Personal property is anything that is movable, or capable of attending the person of the owner, hence called personal property. "Chattels" is a term also used in the same sense. Trees while growing upon the land are usually considered as real estate, but when cut and lying as logs or lumber they are personal property. Thus minerals

while yet in the earth are a part of the realty, but when dug and thrown out on the ground they become personal property. On the other hand, that which is personal property may again become realty by becoming a part and parcel of it-as posts driven in the ground for a fence and the boards which are nailed upon them.

The right to the use of land for a term of years, no matter how long or how short, is regarded as personal property.

As a further illustration of the fact that in a legal sense property is the right to a thing, and not the thing itself, observe that one may contract to buy or sell a right simply. A copyright, a patent, the right of way over another's land, are all proper subjects for contracts. Although there is nothing tangible to pass, yet these rights are frequently valuable. Of the same nature is the good will of a business. It may be worth more than the chattels that go with it.

20. Kinds of Personal Property.-Personal property is of two kinds: (1) Things in possession, and (2) Things in action.

Things in Possession.—If one has the right to a certain thing and also the possession thereof, such as a horse, a book, or a desk, such property is a thing in possession. It will be noticed that it requires. both the ownership and the possession to constitute a thing in posses

sion.

Things in action include all personal property one may own and yet not have the possession thereof. It is called a thing in action because if the owner's right to the possession of such property be denied he can bring suit or action to reduce it to his possession. Accounts, promissory notes, and all forms of indebtedness are examples of things. in action. If one has the mere possession of an article but does not own it, it is not a thing in possession to him but is a thing in action to the owner.

Or again, A may have a thing in possession, such as a horse; he sells this to B, taking his note therefor,-this note is a thing in action. At maturity B pays the note and the money received constitutes a thing in possession.

21. How Property Is Held or Owned. With respect to the number of owners, property is usually held in one of three ways: (1) In severalty, (2) in joint tenancy, and (3) in tenancy in common

Severalty. The most common way in which property is held is in severalty. This is where it is all owned by a single individual.

Joint tenancy. At common law when two or more persons purchase or are granted lands or tenements, they are said to be joint tenants, and the estate is a joint tenancy. The owners each have the

same interest and an equal interest, not only in each and every part, but in the whole, and each is likewise entitled to the possession of the whole. They simply hold and occupy it jointly, and each receives an equal share of the proceeds or increase. The peculiarity of this estate is the right of survivorship, by virtue of which if one of the joint tenants dies his share is divided equally among the survivors. In some states the right of survivorship has been abolished. by statute.

Joint tenancy can only arise by purchase or oy will, and never by descent.

Tenancy in common is practically the same estate, except that the tenants need not have equal shares and they do not have the right of survivorship.

That is, a certain piece of property may be owned by three persons, one of whom owns one-half and the other two each one-fourth, which could not be the case in joint tenancy.

Each, however, is entitled to the possession of each and every part, and to the same proportion of the increase or profit as he owns of the whole. The right of survivorship does not exist in tenancy in common, consequently when a tenant in common dies his share passes to his heirs instead of to the survivors.

Joint tenancy was favored by the common law, but the statutes of many states now require that the intention to create a joint tenancy must be clearly stated, otherwise it will be considered to be a tenancy in common.