Personal Property

Personal Property - BUSINESS LAW II Personal Property...

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    BUSINESS LAW II Personal Property
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    Personal vs. Real Property Real Property.  The Earth’s crust and  items that are firmly attached to the  Earth Personal Property.  All objects and  rights, other than real property, that can  be owned
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    Personal vs. Real Property Crops.  Treated as personal property Fixtures.  Originally personal property,  now attached to the soil itself, or to  some structure that is legally a part of  the real property
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    Tangible vs. Intangible  Personal Property Tangible Property.  Property that has a  real, i.e., physical, existence Examples are books, cars, cameras,  lenses Intangible Property.  Property that has  no physical existence Examples are patents, copyrights, and  trademarks
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    Public vs. Private Property Property owned by the government is  public property Property owned by private citizens is  private property
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    Ownership of personal property may  be acquired by: Acquiring Ownership 23 - 6  Production  Purchase  Leasing  Taking possession of                  unowned  property  Will or Inheritance  Confusion  Accession Gift
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    Acquiring Personal Property Production or Purchase.  A person can  produce property on their own. They  may also purchase the property Unowned Property.  Can gain  ownership by reducing unowned  property to possession Example: Wild animals
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    CASE –  Corliss v. Wenner and  Anderson , text pg 563
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    “Found” Property There are several rules for “ Found  Property
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    “Found” Property Abandoned Property.  Property that is  discarded or voluntarily forsaken with  the intent of terminating ownership, but  without vesting ownership in another Finder acquires the right to possess the  property against all but the rightful owner
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    “Found” Property Lost Property.  Property that is  involuntarily and unintentionally parted  with through neglect, carelessness, or  inadvertence.  The owner does not know where it is Finder acquires the right to possess the  property against all but the rightful owner
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    “Found” Property Mislaid Property.  Property that the  owner has intentionally set down with  the intent to again use it, but the owner  has forgotten where he put it The finder of mislaid property must give it  to the owner of the premises on which it  was found. The premises owner must hold  it for the true owner
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    “Found” Property Embedded Property.  Personal  property that has become part of the  earth It could be pottery or other items buried  or partially buried in the ground Possession of embedded property goes to  the owner of the land on which it was found
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