BEM 261 Lecture Notes--Second Half

BEM 261 Lecture Notes--Second Half - BEM 261 Lecture Notes...

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BEM 261 Lecture Notes Properties: o Real property: land Real Estate (is a status of holding property) o Personal property: any property that is not in the interest of land Tangible vs. Intangible Advantages vs. Disadvantages o Advantages Tangible liquid Tradeable Intangible “unique” liquidity/convertibility o Disadvantage Tangible loseable physical possession “knockable” Depreciate Intangible Valuation issue Tangible: it’s a physical object Intangible: line of credit Legal Fence: exclude others from using it / control in “owner” o “Property” – proprietorship “Bundle of sticks”: consequences that occur when an ownership act out of this bundle occurs, rather than the right of the ownership. Common: one or more owners identified a shared ownership relationship. Joint ownership between named individuals. o Nobody / everybody Private: person who is guarded by the fence is the individual Public: property owned by the state 10/13: “Fiduciary”: faithful Origin o Constitutional: Article I Section 8 o What does it protect “Art” / Authorship Fixed in a tangible means of expression Literary / music / pictures sculpture / audio visual What does it NOT protect? o The idea only the expression What is the right: To stop? o Employer?
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Intent: Purpose / Character o Nature of work that borrowed Inversion o Original set of values embodied in cosntituion gets flipped because the technology embedding those values 10/18 Acquisition of resources Gift, exchange, accession Mislaid: the potential for the prior possesses to know where he laid down o Reasonable belief that the owner will come back and get their asset that he / she left Adverse possession: only applies to land Adverse possession: o Open and notorious Actual and exclusive o Wrongful Types of ownership o Fee simple maximum o Life estate o Leasehold o Concurrent – multiple owners Joint—all together (survivorship) Shared ownership In common – different shares (no survivorship) Know the different bailments 10/20: Five-finger fraud o Intentional o Misrepresentation o
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