Classes of Property LESSON 19-1 CHAPTER 19 2/9/2018 LESSON 19-1 Classes of Property Distinguish between real, tangible personal, and intangible personal property Determine what body of law governs transactions for the purchase of goods and services Discuss the types of intellectual property

WHAT IS PROPERTY? According to the law, property is 1. a thing, tangible or intangible, that is subject to ownership and 2. a group of related legal rights

CLASSIFICATIONS OF PROPERTY Real property Tangible personal property Intangible personal property Copyright Trademarks and servicemarks Patents Trade secrets

COPYRIGHT What is protected? Fixed expressions of creativity Registration Not required, but recommended Duration 70 years past the death of the creator Examples Novels, poems, songs, photographs

PATENT What is protected? Ideas, designs, or processes that are novel, non-obvious, and useful Registration Required Duration 17 years Examples Industrial chemical manufacturing processes, prescription drugs

TRADEMARK What is protected? Distinctive mark, word, or symbol associated with a particular product Registration Not required, but recommended Duration Indefinite Examples Logos, emblems, catch phrases

Acquiring Property LESSON 19-2 Discuss seven ways of acquiring property Distinguish between mislaid and lost property Identify some of the legal limitations on the use of property

HOW IS PROPERTY ACQUIRED? By contract By gift By accession By intellectual labor By finding By occupancy By inheritance

LIMITATIONS ON OWNERSHIP An owner of property is not permitted to use that property in an unreasonable or unlawful manner that injures another. The government may adopt laws to protect the public health, safety, morals, and general welfare.

Forms of Ownership LESSON 19-3 Distinguish between the two basic ways to own property Describe the features of each form of co-ownership

PROPERTY OWNERSHIP Ownership in severalty Co-ownership Joint tenancy Tenancy in common Tenancy by the entireties Community property

TENANCY IN COMMON May any number co-own? Yes Must interests be equal? No Is consent of co-owners required for sale? No Is there a right of survivorship? No Must co-owners be married? No Can a will replace survivorship? N/A

JOINT TENANCY May any number co-own? Yes Must interests be equal? Yes Is consent of co-owners required for sale? No Is there a right of survivorship? Yes Must co-owners be married? No Can a will replace survivorship? No

TENANCY BY THE ENTIRETIES May any number co-own? No, just 2 Must interests be equal? Yes Is consent of co-owners required for sale? Yes Is there a right of survivorship? Yes Must co-owners be married? Yes Can a will replace survivorship? No

COMMUNITY PROPERTY May any number co-own? No, just 2 Must interests be equal? Yes Is consent of co-owners required for sale? Yes Is there a right of survivorship? Yes Must co-owners be married? Yes Can a will replace survivorship? In some states