BL-Chapter 47 - 1 CHAPTER 47 PERSONAL PROPERTY AND BAILMENT...

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CHAPTER 47 PERSONAL PROPERTY AND BAILMENT Property Real property – land and property permanently attached to it. E.g., buildings, fixtures , trees, soil, minerals, timber, and plants. Personal property property that is not real property. E.g., book, car, stock certificate. -Real property can become personal property I, if it is removed from the land -Ex. Removing a tree from a forest - Fixture -personal property that is permanently affixed to land or buildings -Such property, like heating systems and storm windows, are categorized as real property Personal Property Tangible Property – All real property and physically defined personal property. E.g., buildings, goods, animals, and minerals. Intangible Property – Rights that cannot be reduced to physical form. E.g., stock certificates, certificates of deposit, bonds, and copyrights. Acquiring Ownership of Personal Property Possession or capture - A person can acquire ownership in unowed personal property by taking possession of it or capturing it -Ex. People that get a fishing license can obtain ownership of all the fish they catch Purchase - By buying things you acquire personal property 1
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Production - A manufacturer that buys raw materials and produces a finished product owns that product Gift - A voluntary transfer of property without consideration -The lack of consideration is what distinguished a gift from a purchase -The person giving the gift is called a donor -The person who received the gift is a donee -Three elements of a valid gift: 1. Donative intent -For a gift to be effective, the donor must have intended to make a gift -Donative intent- can be inferred from the circumstances or language used by the donor 2. Delivery -Must occur for it to be a valid gift -Physical delivery or constructive/symbolic delivery (ex. giving a key to a safebox that has the money you want to give) 3. Acceptance -Courts presume acceptance unless there is proof that the gift was refused 2
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Gift Inter Vivos and Gift Causa Mortis Gift inter vivos- a gift made during a person’s lifetime that is an irrevocable present transfer of ownership -Gift causa mortis -gift made in contemplation of death A gift causa mortis is established when: 1. The donor makes the gift in anticipation of approaching death from existing sickness or peril and 2 . The donor dies from such sickness without having revoked the gift -A gift causa mortis can be revoked by the donor up until the time he dies -A gift causa mortis takes precedence over a prior conflicting will Uniform Gift to Minors Act - Establishes procedures for adults to make irrevocable gifts of money and securities to ‘minors -Gifts of minors can be made by depositing the money in an account in a financial institution with the donor or another trustee as custodian for the minor -Gifts of securities can be made by registering the securities in the name of a trustee as custodian for the minor Will or inheritance -If the person who dies has a valid will, the property is distributed to the beneficiaries,
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This note was uploaded on 04/21/2011 for the course BUS LAW 320 taught by Professor Soos during the Spring '10 term at Rutgers.

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BL-Chapter 47 - 1 CHAPTER 47 PERSONAL PROPERTY AND BAILMENT...

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