BL-Chapt47 - Print Chapter Page 1 of 25 Personal Property...

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Personal Property and Bailments Chapter Introduction 47-1 Personal Property versus Real Property 47-1a Why Is the Distinction Important? 47-1b Converting Real to Personal Property 47-2 Fixtures 47-2a The Role of Intent 47-2b Trade Fixtures 47-3 Acquiring Ownership of Personal Property 47-3a Possession 47-3b Production 47-3c Gift 47-3d Accession 47-3e Confusion 47-4 Mislaid, Lost, and Abandoned Property 47-4a Mislaid Property 47-4b Lost Property 47-4c Abandoned Property 47-5 Bailments 47-5a Elements of a Bailment 47-5b The Bailment Agreement 47-6 Ordinary Bailments 47-6a Bailment for the Sole Benefit of the Bailor 47-6b Bailment for the Sole Benefit of the Bailee 47-6c Mutual-Benefit Bailments 47-6d Rights of the Bailee 47-6e Duties of the Bailee 47-6f Duties of the Bailor 47-7 Special Types of Bailments 47-7a Common Carriers 47-7b Warehouse Companies 47-7c Innkeepers Chapter Recap Page 1 of 25 Print Chapter 2010-8-30 ..
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Chapter Introduction Property consists of the legally protected rights and interests a person has in anything with an ascertainable value that is subject to ownership. Property would have little value (and the word would have little meaning) if the law did not define the rights of owners to use, sell, dispose of, control, and prevent others from trespassing on their property rights. In the United States, a substantial body of law protects the rights of property owners, but that protection is not absolute. As you will read in this chapter and the next, property owners may have to prove that their ownership rights in a particular item of property are superior to the claims of others. In addition, through its police powers, the government can impose regulations and taxes on property, and can take or seize private property under certain circumstances. In the first part of this chapter, we examine the differences between personal and real property. We then look at the methods of acquiring ownership of personal property and issues relating to mislaid, lost, and abandoned personal property. In the second part of the chapter, we examine bailment relationships. A bailment is created when personal property is temporarily delivered into the care of another without a transfer of title, such as when you take an item of clothing to the dry cleaner. The fact that there is no passage of title and no intent to transfer title is what distinguishes a bailment from a sale or a gift. Page 2 of 25 Print Chapter 2010-8-30 ..
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47-1 47-1a 47-1b Personal Property versus Real Property Why Is the Distinction Important? Converting Real to Personal Property
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This note was uploaded on 10/12/2011 for the course ACCT 362 taught by Professor Mint during the Fall '11 term at CUNY Queens.

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BL-Chapt47 - Print Chapter Page 1 of 25 Personal Property...

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