Personal Property and Bailments Matt M., Kevin P., Robert S., Melissa B. Chapter 19

Personal Property Personal Property is anything that can be owned other than real estate. Personal property - property that has substance and can be touched. Intangible personal property - property that has no substance and cannot be touched.

Gifts of Personal Property Requirements of a completed gift. Donor must intend to make the gift Gift must be delivered Donee must accept the gift

Lost Property Finder of lost property has a legal duty to return the property to the owner if they can be found. If owner cannot be found, person may keep the property.

Local Laws Come cities have laws that require certain handling of lost & found items. Like having to turn in found items to the local authorities for the owner to claim.

Rewards and Reimbursement Finders of lost property are entitled to any reward offered. The finder is entitled to reimbursement of any expenses in the process of returning the property.

Misplaced Property Property is found in a public or semipublic place, it is considered misplaced. Must be returned to proprietor. Proprietor must return to rightful owner.

Intellectual Property intellectual property - original work fixed in a tangible medium of expression. Patents Copyrights Trademarks

Patents patent - exclusive right granted by the government to make, use, or sell an invention. Requirements for a Patent must consist of a new principal or idea must be useful and not obvious to skilled people in that field

Copyrights copyright - right granted to exclusively publish and sell artistic or literary work Copyrights are given to: Authors Composers Photographers Artists

Copyright Cont. Copyrights good for the life of the author +50 years.

Trademarks trademark - distinctive mark, symbol, or slogan used to identify goods and distinguish them from products by others Good for 10 years and may be renewed for 10 year periods

Trademarks Cont. Established by: Usage State Trademark Laws Registering with U.S Patent Office

Bailments of Personal Property bailment - agreement created by the delivery of personal property bailee - have someone else's possessions bailor- if someone else has your possessions

Principal Types of Bailments Mutual-Benefit Bailments Service or Repair Storage Parking a Car in a Parking Lot

Principal Types of Bailments Cont. Security For a Loan Renting Goods From Others Bailments by Necessity Gratuitous Bailments

Mutual-Benefit Bailments When bailor and bailee receive some benefit. More common types: To be serviced or repaired To be stored As security for a loan Out of necessity Rental or lease agreement

Gratuitous Bailments A bailment given free of charge Two types of bailments: Bailor lends good to the bailee without charge Bailee takes possession of goods for bailor for safe keeping for free

Rights and Duties in Bailments Each sides duties are closely related and completely opposite of the other.

Rights and Duties of the Bailor To receive services or money contracted for Protection of goods by the use of reasonable care Return of goods when performed and payment tendered

Rights and Duties of the Bailor Cont. Pay for services or storage costs. Warn Bailee of possible danger Give notice of special care when needed Pick up goods within a reasonable time of completion

Rights and Duties of the Bailee If sole benefit of bailee great care responsible for slight negligence If sole benefit of bailor slight care responsible for gross negligence

Rights and Duties of the Bailee Cont. Must always exercise reasonable care Must comply to contract May put lien on property may hold property until payment tortious bailee - one who wrongfully retains possession of lost or stolen property

Burden of Proof Plaintiff has burden of proof in bailment cases must prove defendant was negligent

Vocabulary donor bailor bailment intellectual property tangible personal property intangible personal property mutual-benefit agreement

Vocabulary Cont. gratuitous bailment donee bailee