spaghetti pasta canned tomato sauce new and gently used blankets 885595468 spaghetti pasta canned tomato sauce  new and gently used blankets Chapter 15

15-2 How Property Is Acquired and Held GOALS State the different ways of acquiring property Differentiate the various ways of holding ownership to property Chapter 15

FOCUS How can you acquired property? Assignment Research the 7 ways property is acquired Define Eminent Domain Cite one court Example Put Results in a PPT Chapter 15

WAYS OF ACQUIRING PROPERTY? Chapter 15

The Obvious Ways Contract Intellectual Labor Inheritance Purchase Invention/Creation Inheritance Death Chapter 15

Gift 3 Binding Elements Intent, Delivery Acceptance What if someone promises you a gift? No Note: Constructive Delivery Symbol in place of real property (keys, deed) Chapter 15

Gift 3 Binding Elements Acceptance Conditional If not reject in reasonable amount of time its accepted If gift is used to the benefit of the receiver its accepted Conditional Chapter 15

Gift 3 Binding Elements Acceptance (Conditional) Causa mortis (expecting death) Giver can revoke before death Not valid if Recovers Dies of different cause Inter vivos (during life) Cant revoke Chapter 15

Acquiring: Accession The right of an owner of property that produces property Chapter 15

Acquire: Finding Property belongs to rightful owner Finder must return if known Mislaid vs Lost Property Lost Owner doesn’t know when or where Chapter 15

Acquire: Finding Mislaid vs Lost Property Mislaid Property Placed in a place where owner knows they Chapter 15

Occupancy Claiming property that belongs to noone Abandoned Discarded Public property Hunting Finder acquires title Chapter 15

Week 3 Chapter 15

SCREENCAST 220 766 975

Name the three most common means of acquiring property. Chapter 15

Assignment: HOW IS OWNERSHIP OF PROPERTY HELD? Ownership in severalty Co-ownership Joint tenancy Tenancy in common Tenancy by the entireties Community property Limitations on ownership Chapter 15

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Two ways to own property Severalty Co-Ownership Chapter 15

Severalty One person owns everything Chapter 15

2 Basic rights of Co-Ownership? 4 types of Co-Ownership Joint tenancy Tenancy in common Tenancy by the entireties Community property 2 Basic rights of Co-Ownership? Possession Partition (split) Chapter 15

Joint Tenancy Each Owner owns entire property Right of Survivorship? One owner dies…other split his interest Supersedes will Chapter 15

Tenancy in Common No Right off Survivorship After Death? Property goes to designated heir(s) Tenants can sell their share without consenting other owners Chapter 15

Tenancy by the Entireties Married People Right of Survivorship Must have co-ownership permission to sell interest Creditors cannot seize property** Divorce= Tenancy in common Chapter 15

Community Property Married people Depends on state Property Acquired during marriage Gifts must not be intermingled with community property Chapter 15

What are the two basic ways to hold property? Chapter 15

Quiz Review

What are the 7 ways you can acquire personal property? Contract Gift Intellectual Labor Finding Inheritance Accession Occupancy

What is constructive delivery?

What is the difference between lost property and mislaid property? Lost: Finder assumes owner doesn’t know where they lost the property Mislaid: Finder assumes owner knows where they put missing property.

What is the difference between finding and occupancy Occupants can receive title Property belongs to no one

What are the 3 elements of a successful gift? INTENT, DELIVERY and ACCEPTANCE

TYPES OF CO-OWNERSHIP Chapter 15

Chapter 15