[chapter_47]_vocab - Chapter 47 Personal Property There are...

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Chapter 47 Personal Property There are two kinds of property: real property and personal property . Real property – Land and property that is permanently attached to it. o For example, minerals, Crops, timber, and Buildings that are attached to the land are generally considered real property. o Personal property that is permanently affixed to land or buildings is called a fixture. Such property, which includes things like heating systems and storm windows, is categorized as real property. Personal property - Tangible property such as automobiles, furniture, and equipment, and intangible property such as securities, patents, and copyrights. Personal property can be either tangible or intangible. Tangible property - All real property and physically defined personal property such as buildings, goods, animals, and minerals. Intangible property - Rights that cannot be reduced to physical form, such as stock certificates, certificates of deposit, bonds, and copyrights. Acquiring Ownership of Personal Property By Possession or Capture By Purchase or Production By Gift G ift - a voluntary transfer of property without consideration. The lack of consideration is what distinguishes a gift from a purchase. There are three elements of a valid gift: o 1. Donative intent o 2. Delivery o 3. Acceptance Donor - A person who gives a gift. Donee - A person who receives a gift. Gift inter vivos - A gift made during a person’s lifetime that is an irrevocable present transfer of ownership. Gift causa mortis - A gift that is made in contemplation of death. A Gift causa mortis is established when:
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o (1) The donor makes a gift in anticipation of approaching death from some existing sickness or peril, and o (2) The donor dies from such sickness or peril without having revoked the gift. o
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This note was uploaded on 06/29/2008 for the course BUS LAW 2301 taught by Professor Villareal during the Spring '08 term at Dallas Colleges.

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[chapter_47]_vocab - Chapter 47 Personal Property There are...

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