Unit 4

N AT U R E O F P R O P E RT Y
 LEARNING OBJECTIVES

1 2 3 4
Discuss the types Explain the Define and give Define real
of property and difference examples of a property &
how it can be between lost and bailment. explain rules
acquired. abandoned about vegetation,
property. running water,
and fixtures.
4 . 1 P E R S O N A L P R O P E RT Y

Tangible personal property

Can be seen, touched, possessed. For
movable example, a book is tangible.
property or
interests in land
other than
complete Intangible personal property
ownership.
Evidences of ownership of rights or
value. For example, intellectual rights
of a book’s author.
TA N G I B L E
PERSONAL PROPERTY
I N TA N G I B L E
PERSONAL
P R O P E RT Y
LOST AND ABANDONED
P R O P E RT Y

Property becomes abandoned when the owner

actually discards it with no intention of reclaiming it.

Property is considered to be lost when the owner

unintentionally leaves it somewhere. The finder has a
right of possession against all but the true owner as long
as the finder has not committed a wrong of some kind.
 4 . 2 N AT U R E O F R E A L
PROPERTY
Trees and perennial crops
• Can be real or personal, depending upon the type
of vegetation and harvestation.

Rivers and streams

• Riverbed is owned by a property owner if an
unnavigable river flows through the property.

Fixtures
• Personal property attached to land or building.
HOW TO OWN AN ISLAND?
“RED NOTE”
H O W F R I E N D LY A R E Y O U W I T H
YOUR NEIGHBORS ?
BAILMENT

Typical bailment
transactions include:
• A motorist leaves a car
with a garage for repair.
• A family stores its
furniture in a storage
building.
• A vacationer leaves a pet
with a friend.
• A student borrows a
tuxedo.
BAILMENT 2

the bailor: The

The bailee: who
person who gives up
accepts possession of
possession, is usually
the property but not
the owner of the
the title.
property.
TYPES OF
BAILMENTS

• Bailments for the sole benefit of

the bailor
• Bailments for the sole benefit of
the bailee
• Mutual-benefit bailments
WHO WILL
WIN?

Jeeninga let Dado borrow

her car so that Dado could
drive to her home and check
to see that her home was
locked.
While driving the car, Dado
was involved in an
accident, and the car was
damaged.
When Dado did not pay for
the damage to the car,
Jeeninga sued her.