AEM 320Week 9 - AEM 320 Week 9 October 22-October 26...

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AEM 320 Week 9 October 22-October 26 Lecture Date: Wednesday, October 24, 2007 I. Property Law – An Overview A. Forms of personal property B. Bailments and documents of title C. Forms of real property D. Rights of real property owners E. Limitations of property rights F. Liability of real property owners G. Acquiring property H. Forms of property ownership II. Forms of Personal Property A. Tangible assets B. Intangible assets 1. Examples: Stocks, bonds, etc. C. Intellectual property D. Severed real property 1. Something that used to be attached to the real property but is now detached. 2. Example: the apple trees in the Cornell apple orchard are part of Cornell’s real property, but the apples that grow on those trees become personal property once intentionally separated and sold to individuals. III. Classification of property—why it matters—examples A. How do you decide if something is real property rather than personal property? 1. Start with the assumption that property is real and examine a list of requirements. B. Purposes of Taxation : 1. Example: Bethlehlem Steel Case – City of Lackawanna in western NY included value of blast furnaces and coke ovens when computing real property tax due. Company argued those items were personal property and shouldn’t be taxed. Issue was whether they were fixtures [to be discussed next week] so as to have become part of real property. Court said yes. C. The UCC will govern goods but not real property. IV. Tangible assets – this is the most obvious form of personal property. A. Examples include goods such as watches, textbooks, cars, etc. B. A major problem area: animals 1. UCC Article 2: animals are defined as goods for purpose of sale. 2. UCC Article 9: not as clear—secured transactions
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a. Example: Using your herd of cattle as collateral for a loan. b. There may be differences for pets: A pedigree animal vs. a mutt. V. Intangible assets —may have value even thought they have no physical substance.
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  • Fall '07
  • GROSSMAN,D.

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