property_slides_08 - Property Law x x x x x x x x Forms of...

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Property Law Forms of personal property Bailments and documents of title Forms of real property Rights of real property owners Limitations on property rights Liability of real property owners Acquiring property Forms of property ownership
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Forms of Personal Property Tangible assets Intangible assets Intellectual property Severed real property
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Tangible Assets Most obvious form of personal property Major problem area: animals UCC Article 2 goods UCC Article 9 not as clear -- secured transactions
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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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Intellectual Property Patents Trademarks Copyrights Trade secrets
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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
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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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Bailments Temporary transfer of possession of personal property without transfer of title Bailor makes transfer Bailee receives possession
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Classification of Bailments For bailor’s sole benefit For bailee’s sole benefit For mutual benefit
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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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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
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Termination Return of property to bailor Terms of agreement Breach of agreement Destruction of property Option of bailor Operation of law
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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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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
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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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