property_slides_08 - Business Law I Fall 2008 Property Law...

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Business Law I Property Law Fall, 2008 PowerPoint Slides Slide 1 Forms of Personal Property Tangible assets Intangible assets Intellectual property Severed real property ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ Slide 2 Tangible Assets Most obvious form of personal property Major problem area: animals UCC Article 2 goods UCC Article 9 not as clear -- secured transactions ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ Slide 3 Intangible Assets Choses in action Rights of ownership Contract rights Usually represented by a document Lease Promissory note Stock certificate Warehouse receipt or bill of lading ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________
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Business Law I Property Law Fall, 2008 PowerPoint Slides Slide 4 Intellectual Property Patents Trademarks Copyrights Trade secrets ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ Slide 5 Severed Realty If intentionally severed, becomes personal property Transfer of rights in unsevered real property Timber, oil, gas or minerals Other forms of realty Fructus industriales » Growing crops planted or harvested annually ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ Slide 6 Other Personal Property Issues Telephone and cable TV service Living tissue and in vitro fertilization Hecht v. L.A. Superior Court [not in reading] Computers and electronic communication Hardware Software Data and information transmitted See Thyroff v. Nationwide Mutual Insurance Co. ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________
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Business Law I Property Law Fall, 2008 PowerPoint Slides Slide 7 Bailments Temporary transfer of possession of personal property without transfer of title Bailor makes transfer Bailee receives possession ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ Slide 8 Classification of Bailments For bailor’s sole benefit For bailee’s sole benefit For mutual benefit ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ Slide 9 Essential Elements of Bailment Delivery of possession Personal property Possession but not ownership for a determinable time Restoration of possession to bailor See Cintron v. Santiago ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________
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Business Law I Property Law Fall, 2008 PowerPoint Slides Slide 10 Special Types of Bailments Pledge Warehouser Safe deposit boxes Carrier of goods See Missouri Pacific Railway v. Elmore & Stahl , Case 48-4. Innkeeper Note GNOC Corp. v. Powers , text at 1291 ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ Slide 11 Termination Return of property to bailor Terms of agreement Breach of agreement Destruction of property Option of bailor Operation of law ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ Slide 12 Bailee Rights Right of possession Benefit of bailee Limited by agreement Benefit of bailor Shaped by agreement Mutual benefit See agreement Right to insure Right to lien? Right to compensation? ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________
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Business Law I Property Law Fall, 2008 PowerPoint Slides Slide 13 Bailee Duties Duty to perform Duty to protect goods Standard depends on type of bailment Bailee benefit – utmost care Bailor benefit – slight care Mutual benefit – reasonable care Duty to return goods Note Ziva Jewelry, Inc v. Car Wash , text at 1287 ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ Slide 14 Bailment Question Doug M. made the play at 1 st base for the final out of the 2004 Series [the Red Sox thereby making history].
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