Types of Property

Property  1) a thing tangible or intangible that is subject to ownership, and  2) a group of related legal rights. –Posses, use and enjoy –Dispose of (gift or sale, consume, destroy) –Give it away by will upon death

Real vs. Personal  Real Property: ;and, buildings and those things permanently affixed to them. (i.e. fixtures)  Personal Property: Anything that is not real property, tangible or intangible. –Tangible – things that you can see or touch.

Intellectual Property  Copyrights protects expression of a creative work. Protection extends 70 years past death of creator.  Infringement is the unauthorized copying, sale, display or performance of a copyright protected work.  Fair Use is limited use of copyrighted work by critics, researchers, news reporters, educators.

Intellectual Property  Trademark is a word, mark, symbol or device that identifies a product, manufacturer or merchant.  Trademark protection is indefinite as long as there is continuous use and the mark is in the public eye.  Service Mark is a unique word, mark or symbol that identifies a service.

Intellectual Property  Patent is the grant of the exclusive right to make, use, import, sell and offer a novel or new, non-obvious, useful product or process.  To receive a patent from the federal govt. the invention must be “novel, non-obvious, and useful.”  Novel = “Eureka Experience” or “Burst of Genius.”

Intellectual Property  Trade Secret is commercially valuable information that the owner attempts to keep secret.

Acquiring Property  Contract  Gift  Inheritance  Accession  Intellectual Labor  Finding  Occupancy  Adverse Possession  Dedication  Eminent Domain

Acquired by Contract  Any kind of property may be acquired and transferred of bought or sold by contract.  People acquire most of their property by earning money and using it to purchase property.

Acquired by Gift  Donor (gift-giver) must show intent to transfer ownership, and  Deliver the property.  Donee (receiver) must accept the gift - either by not rejecting it, - or, expressly / impliedly showing acceptance. A promise to make a gift does not create a legal obligation (except a pledge to a non-profit)

Acquired by Gift  Inter Vivos – Owner transfers ownership irrevocably.  Causa Mortis – Gift may be revoked at the whim of the donor.

Acquired by Intellectual Labor  Original Production of intellectual property.  (Patents, Copyrights)

Acquired by Inheritance  Rich Uncle Joe

Accession  Right of a property owner to an increase in that property.  i.e. crops, off-spring of live stock.

Acquired by Finding  NOT “Finders – Keepers”  Anyone who loses property has the right to recover it from the finder.  Must be able to prove ownership.  Lost Property – Owner does not know where or when it disappeared.  Mislaid Property – Intentionally left and forgotten.

Acquired by Finding  Finder has right to possession and use.

Occupancy  Taking title by taking possession of personal property that does not belong to anyone else.  i.e. abandoned or discarded.  How do you know that property is abandoned?  Conversion…

How is Property Held?  Ownership in Severalty – Owning property by yourself.  Co-ownership – Two or more persons have ownership rights in the same property.

Co-Ownership  Joint Tenancy – Equal co-ownership with the right of survivorship (divided among the surviving joint tenants).  Tenancy in Common – Shares may be unequal and no right of survivorship.

Co-Ownership  Tenancy by the Entireties – Co- ownership between husband and wife.  Community Property – Each spouse has one-half interest in property acquired during marriage. (California)

Real Property  Real Property Ownership entails the right to title, use, possession.  Surface Rights  Air Space  Mineral Rights

Limitations on Ownership  Easements – Irrevocable Rights to some limited use of another’s land.  Restrictive Covenants – A promise to limit the use of the land.  Zoning Laws – Local Ordinances to regulate the type of business or use of the land.

Trespass  Trespassers: When someone is on the land without the right to be there.  Licensee: A person that the possessor has permitted to be there. (i.e. social guest, deliver person)  Invitee: Public or business.