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Legally protected rights and interests a person has in anything with an ascertainable value that is subject to ownership Real Property vs. Personal property o Real Property – land or anything permanetely attached to it o Personal Property – tangible and intangible (stocks & copyrights) Fixtures Personal property that becomes permanently affixed to real property EX => furnace, hot water heater, chandelier Intent that it become a fixture o Property cannot be removed without causing damage to the realty o Property adapted to being part of realty Trade Fixtures EX => counters, machinery, shelves, light fixtures Fixtures installed for commercial purposes by a tenant Remain the property of the tenant (removed when tenenat leaves) o Dameages must be repaired by tenant Property Ownership Viewed as a “Bundle of Rights” Right to possess Right to sell Right to give Right to lease Right to destroy Fee Simple Owner of “Bundle of Rights” = Owner of fee simple Forever gives the owner maximum possible estate or right of ownership of real property Concurrent Ownership Tenency in common – Figure 1 A and B own an undivided interest in the property. Upon B’s death interest passes to B’s heir, “C”. Joint Tenency – Figure 2 A and B own an undivided interest in property but, upon B’s death, B’s interest passes to A, the surviving joint tenant. Tenency by the Entirety – Not common Between husband and wife Community Property – Property acquired by couple during tier marrage is owned as an undivided ½ interest in property (real & personal) Maritial Property – Similar to community property
then inadvertently forgotten. possession right granted No consideration Accesion – “something added” Someone adds value to a piece of personal property by use of either labor or materials o Labor. added Increase in value Was conversion innocent or willful o Goods added Who owns the principal goods Confusiion – Commingling so that a person’s personal property cannot be distinguished from another’s Fungible goods consists of identical particles such as oil or grain o Proportionate share o Party at fault must prove their proportionate share Mislaid. . alone. such as keys to car) Donor must give up complete control or dominion. Lost. inventors.after death. Delivery by a 3rd party is OK o Donative intent on the part of the Donor o Acceptance by the Donee Will & Inheritance – After death.Acquiring Ownership of Personal Property – Possession – Adverse Ppossession – a method of acquiring title of real property through operation of statue of limitations Capturing Wild Animals (belong to no one) Finding an abandoned building Production – Writers. manufacturers Produce personal property => acquire title to it Gift – Voluntary transfer of personal property from donor (owner) to done (recipient) for no consideration Types of Giftso Intervivos – while donor is still living o Causa Mortis – made by donor in contemplation of imminent death o Testametary . by will & Inheritance Requirements for valid gift – o Delivery—actual or “constructive” (symbolic. Finder is caretaker for true owner. or Abandoned Property Mislaid Property: Voluntary placed somewhere.
Title does not pass. o Trespassers: no title o Treasure Trove: Title against all world except true owner Bailments – Chap 35 A bailment is formed by the delivery of personal property.but not persons or realty. Lost Property: Involuntarily left. . by one person (Bailor) to another (Bailee). Elements of Bailments Personal Property. including the original owner. or a third party as directed by the Bailor. Bailee owes Bailor a low duty of care. in the same or better condition. liable only for gross negligence Bailment for the sole benefit of the Bailee: o Bailee owes Bailor a high duty of care and is liable for even slight negligence Mutual Benefit Bailment: most common o Each party owes the other a reasonable duty of care Rights and Duties of the Parties Bailee Right To Possess o Bailee may acquire or use property temporarily. without transfer of title. Finder acquires title against all the world. (Tangible or Intangible . except for true owner. Right to Use Bailed Property Rights of Compensation o Reimbursed for costs or services as provided in the agreement Right to Limit Liability Duty to Return bailed property in same condition to Bailor.) Delivery of Possession. usually under an agreement for a particular purpose. o Bailee given exclusive control or possession o May be actual or constructive o Bailee must knowingly accept (Bailee must intend to exercise control over chattel) Bailment Agreement. o Express or Implied Ordinar Bailments – Bailment for the sole benefit of the Bailor: o A gratuitous Bailment. The property must be returned by the Bailee to the Bailor. Finder acquires title against whole world. Finder may be liable for: o Conversion o Involuntary Bailment Abandoned Property: Discarded by true owner with no intention of recovering. Bailee may liable for conversion and/or negligence.
modified by state statutes. can limit Innkeepers: o Owe duty of strict liability. FLIGHT PATHS (no) SUBSURFACE RIGHTS o MINERALS o OIL WATER RIGHTS o 1. Innkeepers – Warehouses: o Owe duty of reasonable care o Can’t exculpate. RIGHT OF BORDERING LAND OWNER TO MAKE REASONABLE USE OF WATER (“RIPARIAN RIGHTS”). or o 2. STATE AND LOCAL LAWS AND REGULATIONS . if innkeeper provides safe and notifies guests o If parking area provided and innkeeper accepts bailment. FIRST USE (FIRST IN TIME) RIGHT OF PUBLIC TO USE NAVIGABLE WATERWAYS FEDERAL.Bailor – Right to have property protected and used as agreed Right to have property back at end of bailment with service or repair done properly Right to have the Bailee not convert Right to not be bound to limitation of liability unless Bailor knows Termination of Bailments – Mutual agreement of both parties Demand by either party Completion of the purpose of the bailment Act by the bailee that is inconsistent with the terms of the bailment Common Carriers – Publicly licenses to provide transportation services to general public Common Carriers are strictly liable for damages except if the damages caused by: o An act of God o An act of the public enemy o An order of the public authority o An act of the shipper o The inherent nature of the goods Warehouse vs. then may be liable Real Property Ownership – Chap 36 Types of Rights “AIR” RIGHTS o RIGHT TO BE FREE OF UNREASONABLE INTRUSIONS SOLAR COLLECTORS (yes) vs.
specific period of time o More than 1 year => must comply with Statue of Frauds Enforceable with a written contract signed by the lessee Names of parties Description of property Term of lease $ amount of rent payment time of payments Periodic Tenency . but subject to one or more conditions and possibility of termination Possibility of reverter – a future interest in property existing in the grantor or his successor in interest after creation of a fee simple determination o “To Jones and his heirs so long as premise are not used for the sale of alchololic beverages” Power of termination – future interest existing in property in the grantor or his successor in interest after creation of a fee simple subject to a condition o “… if they are so used then Smith and hi heirs may enter and terminate the estate hereby conveyed” Life Estate Is an interest in property limited in duration to the life of a person EX => family man leaves property to a surviving spouse to provide until death then transfer to the children Remainderman – receives property upon death of person of measuring life Life Tenant The owner of the life estate Entitled to the use and possession of the property o Paying rent o Profits the property generates o Repairs o Paying taxes o NOT commiting WASTE Waste – conduct by the life tenant in the use of the land resulting in substantial and unreasonable reduction in the value of the property Holder of injured estate may bring action for damages or the injunction Leasehold Estates Lessor => Landlord Lessee => Tenant Tenancy for Years o Set dates.Types of Estates Fee simple Absolute – The entire bundle of rights a person may possess in property ABSOLUTE OWNERSHIP o FREELY TRANSFERABLE o EXCLUSIVE RIGHT TO POSSESS Fee Simple Defeasible – A fee.
tenant C (1/6) ownerships o Only the unity of POSSESSION is required o Ex => Rose conveys ½ interest to Sally in fee simple and leave a life estate in the remaining ½ to Tom in her will Termination o May be terminated whenever any of the Four Unities are not present o Ex. and 1/3 as a tenant in common. tenant B (1/3). Week to Week. 1/3 the property goes to Betty by right of survivorship and 1/3 passes as estate. ANN (now owning 2/3) holds 1/3 of the property as joint tenant with Betty. ANN.o Automatically renewed until either party gives a notice of termination Notice Required 30 days prior to termination Periods => Month to Month. => Carol. Ann’s death. o Partition physically dividing up the property into distinct portions Court ordered or Agreement of parties Usaully property is sold sale proceeds divided relevant to share % Condominiums Each resident purchases a living unit and shares common areas o Resident declares own liability of loan to finance the purchase Condominium Association o Each resident is responsible for operating building . Year to Year Co-Ownership Multiple people hold interests representing a successive right to possession of or income from the same property Joint Tenants o Right of survivorship – In case of one of the joint tenents dies. and Betty are joint tenents Carol sells her interest to ANN. the deceased’s shares of property are distributed equally amoung surving tenents left until sole ownership Beneficiaries within will have no legal claim Not subject to claim for joint tenants creditors Automatically resides in the survivors (usually married couple) o “Four Unities”– All Joint Tenenats must have: time –interests must vest at same time title –must acquire in same way (deed or will) interest – the fractional shares of interest must be equal (3 people = 1/3 ownership per tenant) possession – undivided interest and equal rights to entire property Tenants in Common o No right of survivorship o Can prevail unequal interests EX => tenant A (1/2).
use and enjoy land may be limited by private agreement or by act of public authority. Zoning the State’s power to control the use of land through legislation without having to compensate the owner Must be rational in advancing state interest and must be non-discriminatory Variances Permit a different use or modification than that authorized by ordinance Does not threaten neighboring property with an incompatible use Building Permits document authorizing the holder to construct a building of a particular kind on a particular lot Restrictive Covenants Private restriction on use of land or acts that may be performed upon it o binding to purchaser and on subsequent purchasers “runs with land” o Breaching landowner is liable to neighboring property for $ damages “Runs with the land” – liability to perform it or right to take advantage of it passess to a transferee of the property Requiremnets: o Written Agreement satisifing Statue of frauds o Binding to all subsequent owners o “touch & Concern” – not to decrease value of the land o Actual/Constructive Notice Recorded document containing restrictions Wills & Trusts – Chap 39 .Cooperative o Residents pay monthly fee to cover costs and maintain common areas Form of real estate ownership by which residents in a multiple-unit building own shares in a corperation that owns the building o Entitles each resident to lease a unit in the building and use common areas monthly payment (lease)=> cost of repaying loan for purchase of builing and maintenance o Any failed payment => other tenants pay that share (avoid default) Real Property Transfer – Chap 37 Regulating Land Use – Chap 38 An owner’s right to possess.
dies with valid Will o Intestate – dies without valid Will o Codicil – a supplement that adds. Probate Laws Will – formal instrument by which a oeron makes a disposition of her property to take effect upon death Uniform Probate Code (UPC) o Uniform state law designed to modernize state law and provide greater uniformity amoung the various states Probate – refers to any matter or proceeding pertaining to the administration of descendents estate o To Probate a will to establish its validity appoint an administrator (personal representative or executor) affairs of the estate supervised by the probate court Wills Intestacy Laws provides for a Testamentary disposition of property after death o Testate . children. parents. A person who fails to leave a valid will dies intestate “Statues of descent and distribution” => the state attempts to carry out the likely intent and wishes of the decedent o persons entitled to the intestate decedents property => heirs Spouse. siblings Distribution to Descendents Per stripes distribution o Method of dividing an intestate share by which a class or group of distributees take the share that their deceased parent would have been entitled to inherit had that parent lived . subtracts. modify or revokes provisions to the existing will Gifts by will o Devise => gift of real estate o Bequest or legacy => gift of personal property o Specific gift => one of particulary designated property EX => “my 1955 Chevy” o General Gift => gift payable out of the testators assets EX => “I leave 2000$ to Troy” o Residuary Gift => gift where all of the leftover property or residual property is gifted away EX => and the rest of the property goes to Bob o Lapsed Legacy => which fails to take effect as a result of the death of a legatee before the death of the testator or before the legacy is payable. grandchildren.
or destroyed “with intent and for the purpose of revoking” o Revocation by a subsequent writing o New Will o Written revocation But does not dispose of any property Rights outside a Will o Some states force the testator to give a certain amount of their estate to their surviving spouse and/or children o Beneficiaries can renounce (“disclaim”) their shares . torn. canceled.Example: Per Capita Distribution o Each person takes equal share of the estate Example: Requirements for a Will o o o o o Testamentary capacity and intent Writing requirements Signature requirements Witness requirements “Publication” requirements Revocation of Wills o Revocation by a physical act o Will is revoked by physical act if burned.
the trust acts as a will o Trustee manages and distributes property according to the trust Testamentary trusts o Created in deceased will o Beneficiary receives after the death Constructive Trusts o Used when a beneficiary would be unjustly enriched retaining property o The trustee holds the duty to give property to person who should have it Taxes Inheritance Taxes Tax. on an individual recipient of an inheritance based upon the amount received by that individual recipient o The closer the relation to settlor = a lower % of taxes imposed Estate Taxes o Imposed by federal government (35%) o Based upon the total value of the assets a person owns when they die Cash Accounts Personal Property Real Estate Investment Accounts Life Insurance . incompetence.o Spouses in some states can renounce what is given them in the will and elect to take the forced share Trusts An interest in property (real and personal). created by the owner (grantor or settlor) but managed by a “trustee” for the benefit of the beneficiary Parties: o Grantor (settlor) – person who created the trust o Beneficiary – person who holds beneficial or equitable title o Trustee – person who manages and possess the trust Fiduciary relationship – which one person under a duty to act solely for the benefit of another concerning matters within the scope of the relation Types of Trusts Revoable v. Irrevocable o Must resrve power of revocation in terms of the trust o Expiration of time period stated in trust o Consent of all beneficiaries and settlor Living Trusts o Any trust created during lifetime of settlor o Settlor names themselves as trustee until resignation. imposed by some States. or death o Upon death.
protected by federal law o IBM. by securing for limited times to authors and inventors the exclusive right to their respective writings and discoveries.Refers to the image and overall appearance of the product o distinctive décor. motto.® • “To promote the progress of science and useful arts. product names. symbol or device that identifies goods and distinguishes them from those manufactured and sold by others • Register through US Patent and Trademark Office Lanham (or Trademark) Act (1946) – o federal government grants exclusive use for ten years from date of registration and renewed for successive periods of ten years so long as mark continues to be used o To prove trademark infringement party must prove another’s use of mark confuses consumer Trademark Dilution – o Giving the owner of a famous trademark standing to forbid others from using that mark in a way that would lessen its uniqueness. NBC Service Marks . Coca-Cola. o Usaully on products that do not compete with. emblem. those of the trademark owner Types: o “Tarnishment” – harms the repusentation of the famous mark EX => “Nke” trademark used by another company for condoms o “Blurring” – impairs distinctiveness of the mark (similar marks of parties) EX => Famous computer trademark “Microsoft” used for “Microsoft Deoderant” Protected Aspects under Trademark: Trade Dress .” Word.A distinguish services of one person/company from another Cyber Marks .000.000 exemption from estate taxes Lifetime Gifts Gifts made during lifetime are added to a person’s estate when they die o Exceptions: o Can gift up to $13. and have little connection with. packaging of Starbucks coffee shops Trade Names – Specific name applied to companies. Domain Names .000 (indexed for inflation) to unlimited number of persons annually o This amount will not be included in estate when the person dies o Must be a “completed gift” (no strings attached) Intellectual Property – Chap 59 Trademarks . name.o Marital Deduction No estate tax on any amount that passes to the surviving spouse “Credit Shelter Trust” – married couples ability to take advantage of thier $5.Online trademarks.
customer list. musical.Copyrights Form of protection providing the right to reproduce and distribute “original works of authorship” fixed in a tangible form of expression o literary. blueprints. generic terms and materials whose copyright has expired Patents The exclusive right to make. education. uses. offers to sell or sells a patented invention or a imports patented invention Doctrine of Equivilents – Liable of infringement yet not the exact copy of an invention Trade Secrets Any device or information that is used in a business and gives its owner a competitive advantage o Formulas. use and sell an invention for a term of years (20) Requirements: Novelty – only new inventions are patentable Nonobvious – Noticeable difference from prior invention Utilty – Invention must have usefulness Infringment: without authority makes. sounds o Copyright protected for creators life + 70 years Work For Hire o employer employs a person to create copyright work o Protected 95 years from publication or 120 years from creation Exemptions (or permitted uses): First Sale o copyright owner’s right terminates once copyright work is legally sold or a license sold Fair Use Doctrine o limited amount of work can be used for research. graphic. criticism and news reporting Public Domain o materials include government publication. software. choreographical. films. research. marketing techniques Economic Espinage Act of 1996 – cannot sell government or business secrets .
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