Chapter 26 - Get Now PowerPoint

							            Chapter 26




Personal Property
                       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
                     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
     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
                               More Forms
– 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