CHAPTER 11: PROPERTY: PERSONAL PROPERTY, INTELLECTUAL PROPERTY, AND WILLS

Learning Objectives: Classifications of Property Acquiring Title to Personal Property Bailments Leases Intellectual Property Wills and Intestate Succession Chapter 112 CHAPTER 11: PERSONAL PROPERTY, INTELLECTUAL PROPERTY, AND WILLS

1.Nature of Property: Bundle of Rights 2.Real Property 3.Personal Property –Tangible –Intangible 4.Why Distinguish Real from Personal Property? Chapter 113 CLASSIFICATIONS OF PROPERTY

1.Definition: Personal property that has become real property 2.Why is it important to determine whether an item is a fixture? –Tax purposes –Sale purposes –Security purposes –Termination of lease purposes Chapter 114 FIXTURES

1.By Sale 2.By gift– a.During life b.Upon death 3.Special Cases: a.Abandoned b.Lost c.Mislaid Chapter 115 ACQUIRING TITLE TO PERSONAL PROPERTY

1.Definition: Temporary transfer of possession 2.Types of Bailments 3.Degree of Care Owned by Bailees 4.Special Cases of Common Carriers and Innkeepers Chapter 116 BAILMENT

1.Nature of Document of Title 2.Negotiability 3.Transfer Chapter 117 DOCUMENTS OF TITLE

1.Definition of a Lease: Transfer of Right of Possession and Use for Consideration 2.Significance of Leases 3.Application of UCC Article 2A Chapter 118 LEASES OF PERSONAL PROPERTY

1.Creating Rights in Intellectual Property a.Patents Nature Application process b.Trademarks Definition Trade dress, service mark, trade name Registration Chapter 119 INTELLECTUAL PROPERTY

1.Creating Rights in Intellectual Property (con’t) c.Copyrights Definition Term d.Trade Secrets Definition Elements 2.Enforcing Intellectual Property Rights Chapter 1110 INTELLECTUAL PROPERTY

1.Introduction 2.Wills –Testamentary Capacity –Formalities of Execution 3.Intestate Succession Chapter 1111 WILLS AND INTESTATE SUCCESSION

CHAPTER 11: PERSONAL PROPERTY, INTELLECTUAL PROPERTY, AND WILLS