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