LEGT 1710_Wk 8_Lecture_Slides

LEGT 1710_Wk 8_Lecture_Slides - ASSIGNMENT 2 BUSINESS AND...

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BUSINESS AND THE LAW WEEK 8 PROPERTY LAW LEGT 1710: Session 2, 2010 Lecturer: Leela Cejnar 2 ASSIGNMENT 2 DUE WEEK 9 , by 5pm on Monday 20 September, 2010 • Check course outline (page 7) for details about how/where to hand in 3 ASSIGNMENT 2 • Do not copy someone else’s assignment – do your own work • Make sure you use appropriate referencing as required • Refer to Course Outline for details about referencing • DO NOT PLAGIARISE 4 Overview On completion of this week in you should be able to: ü Distinguish between real property, personal property and intellectual property. ü Distinguish between ownership and possession. ü Identify and explain the types of ownership of land. ü Explain the difference between legal and equitable interests. ü Explain the key features of the Torrens system. ü Explain how real property can be transferred from one owner to another. ü Explain how personal property can be transferred from one owner to another. ü Discuss how lenders (including financial institutions) can take security over different types of property. ü Explain what intellectual property is and what intellectual property laws protect. 5 Relevance of property law to business • Knowledge of property law is essential for business people • Businesses own or lease property • Businesses trade in goods or services • Businesses own goods/assets • Assets of businesses form property • Understanding of property law provides better business understanding of the rights they have to those assets etc 6 What is property? • Property used to describe types of rights and interests recognised by law • A term for something that is capable of being owned, whether fully or partially
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7 Meaning of property • Real property • Personal property • Intellectual property 8 Real property • Land • Fixtures (ie things that are attached to the land) 9 Personal property • Can be divided into two categories: – Chose in action – Chose in possession • “Chose” is French word for “thing” 10 Chose in action • Chose in action – a right of property which cannot be seen or touched – a right of property which can only be claimed or enforced by action (not by taking physical possession) – a right to sue 11 Chose in action Choses in action legal choses in action – contracts – shares/securities – patents and designs,copyright (intellectual property) – business/trade names equitable choses in action – interest in a partnership – interest in a trust estate – right to of a beneficiary under a will See Latimer at pp 109-110 12 Chose in possession • Chose in possession – something that can be possessed – tangible physical property
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13 Ownership vs Possession • Owner is entitled to all the legal rights over the property • Possession involves – physical control – the intention to claim exclusive control See Latimer at pp 110 to 114 14 Rights of a person in possession • Possession is good against the whole world
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This note was uploaded on 07/25/2011 for the course LEGT 1710 taught by Professor Leena during the Two '10 term at University of New South Wales.

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LEGT 1710_Wk 8_Lecture_Slides - ASSIGNMENT 2 BUSINESS AND...

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