Chapter 26 Personal Property What is Property A

  • Slides: 7
Download presentation
Chapter 26 Personal Property

Chapter 26 Personal Property

What is Property? • A thing, tangible or intangible, that is subject to ownership

What is Property? • A thing, tangible or intangible, that is subject to ownership and a group of rights and interests related to the thing that are protected by law – Ownership - possession, use, and enjoyment; disposal, consumption, or destruction; willing it away are all rights of ownership.

Kinds of Property • Real Property - land, including not only the surface of

Kinds of Property • Real Property - land, including not only the surface of the earth, but also the water and minerals on and below the surface. • Personal Property - property that is movable, such as as a car, airplane, or sofa. • Intellectual Property - purely intangible; that is, one cannot touch it.

How Can Property Be Acquired? • • Acquiring Ownership by Contract Acquiring Ownership by

How Can Property Be Acquired? • • Acquiring Ownership by Contract Acquiring Ownership by Gift Acquiring Ownership by Accession Acquiring Ownership by Intellectual Labor – Copyright - grant to a person the exclusive ownership of the created material – Catent - grant of the exclusive right to make, use, and sell a useful product

More Acquisitions • Acquiring Ownership by Finding – Mislaid Property - intentionally placed somewhere

More Acquisitions • Acquiring Ownership by Finding – Mislaid Property - intentionally placed somewhere but then forgotten – Lost Property - created when the owner unknowingly leaves it somewhere accidentally • Acquiring Ownership by Occupancy – Occupancy - means taking possession of property • Acquiring Ownership by Inheritance

What are the Forms of Ownership? – Ownership in severalty - exists when someone

What are the Forms of Ownership? – Ownership in severalty - exists when someone owns all the ownership rights in property – Co-ownership - exists when two or more persons have the same ownership rights – Equal rights of possession - means that no coowner can exclude any other co-owner from any physical portion of the property – Right of partition - allows any co-owner to require the division of the property

More Forms – Joint tenancy - the equal co-ownership of the same property rights

More Forms – Joint tenancy - the equal co-ownership of the same property rights – Right of survivorship means that if one of the joint owner dies, the survivors split the remaining property – Tenancy in common shares are unequal – Tenancy by the entireties - limited to couples, carries ROS – Community property each spouse owns onehalf interest in such property – Separate property owned by either spouse at the time of marriage