GBL_395_-__SC__Personal_and_Intellectual

GBL_395_-__SC__Personal_and_Intellectual - PERSONAL AND...

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Unformatted text preview: PERSONAL AND INTELLECTUAL PROPERTY LAW GBL 395 Part 15 Fall 2010 Professor Heidi Bulich 1 NATURE OF PROPERTY What is Property? Tangible Intangible Real Property refers to rights and interests of ownership. Rights include: Possession Control within the law Enjoyment within the law Exclusion Ability to convey 2 NATURE OF PROPERTY The entire US economy is based on the notion of freedom of ownership of property. There are 3 main types of property that have value to business: 3 WHAT IS PERSONAL PROPERTY? Personal Property - Main characteristic it is moveable, may be tangible or intangible Governed by ___________________________. Sometimes a ___________is required Oftentimes NOT taxed if it is taxed, it is usually at a different rate than real property. 4 TANGIBLE PERSONAL PROPERTY What can a business own ? Tangible and Intangible Property Tangible Property is property we can see and feel. Numerous types of personal property computers, copiers, office furniture, trucks, etc. Transfer of personal property Most forms of personal property transferred with a simple bill of sale Most equipment, vehicles, airplanes do require formal transfer documents called title . For these, you would have a bill of sale + title documents. Lease Many businesses choose to lease their property. A lease is a right to use and possess another property for a______________________. Ownership transfers back to lessor at the end of the lease 5 TANGIBLE PERSONAL PROPERTY Bailment - Occurs when there is a _________________of possession of personal property. Examples includes checking your coat at a coat check, allowing a valet to park your car. Requirements: Bailor turns possession of personal property over to bailee with understanding that_________________. Bailee does not acquire _____________________in property. Bailee has special duty to use reasonable care to protect bailors property Bailee can not eliminate this duty with exculpatory language. 6 TANGIBLE PERSONAL PROPERTY Personal property often sold on credit this means that the creditor (the lender) will only extend $ is the debtor (the borrower) pledges that personal property. In addition, personal property is often used to pledge other debt . Creditors Rights UCC In addition to covering contracts related to the sale of goods, it contains vast provisions related to personal property transactions, including stocks and commercial paper and Article 9 which relates solely to secured transactions....
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GBL_395_-__SC__Personal_and_Intellectual - PERSONAL AND...

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