1. Chapter 16 Property and Its Acquisition
6/4/2018
Chapter 16 Property and Its Acquisition
16-1 Types of Property
16-2 How Property Is Acquired and Held
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LAW

2. 16-1 Types of Property GOALS Define property
Identify the classifications of property
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3. PROPERTY AND ITS CLASSIFICATION
What is property?
Classifications of property
Real property
Personal property
Copyrights
Trademarks and service marks
Patents
Trade secrets
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4. FEATURES OF INTELLECTUAL PROPERTY
PATENT
What is protected?
Ideas, designs, or processes that are novel, non-obvious, and useful
Registration required?
Yes
Duration?
20 years
Examples
Industrial chemical manufacturing processes, prescription drugs
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5. FEATURES OF INTELLECTUAL PROPERTY
COPYRIGHT
What is protected?
Fixed expressions of creativity
Registration required?
Yes, before generally publicized, for federal protection.
Duration?
70 years past the death of the creator
Examples
Novels, poems, songs, photographs
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6. FEATURES OF INTELLECTUAL PROPERTY
TRADEMARK
What is protected?
Distinctive mark, word, or symbol associated with a particular product
Registration required?
No, but recommended
Duration?
Indefinite
Examples
Logos, emblems, catch phrases
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7. What are the two main classifications of property?
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8. 16-2 How Property Is Acquired and Held
GOALS
State the different ways of acquiring property
Differentiate the various ways of holding ownership to property
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9. WAYS OF ACQUIRING PROPERTY
Acquiring ownership by contract
Acquiring ownership by gift
Acquiring ownership by intellectual labor
Acquiring ownership by inheritance
Acquiring ownership by accession
Acquiring ownership by finding
Acquiring ownership by occupancy
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10. Name the three most common means of acquiring property.
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11. 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
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12. TENANCY IN COMMON May any number co-own? Yes Must interests be equal?No
Is consent of co-owners required for sale?
Is there a right of survivorship?
Must co-owners be married?
Can a will replace survivorship?
N/A
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13. JOINT TENANCY May any number co-own? Yes Must interests be equal?
Is consent of co-owners required for sale? No
Is there a right of survivorship?
Must co-owners be married?
Can a will replace survivorship?
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14. 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?
Is there a right of survivorship?
Must co-owners be married?
Can a will replace survivorship? No
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15. COMMUNITY PROPERTY May any number co-own? No, just 2
Must interests be equal?
Yes
Is consent of co-owners required for sale?
Is there a right of survivorship?
Yes*
Must co-owners be married?
Can a will replace survivorship?
In some states
*In some states a deceased spouse’s one-half interest in community property passes automatically to the surviving spouse. In other states it can pass via a will to someone other than the surviving spouse; however, if there is no will, it then passes to the surviving spouse.
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16. What are the two basic ways to hold property?
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17. PREVENT LEGAL DIFFICULTIES
Manage and use property wisely . . .
Do not misuse your property in a way that injures others.
Use public property with care. Vandalism, destruction, and theft deprive innocent persons of the benefits of use and also cause higher taxes.
Do not infringe upon the copyright, trademark, or patent of another.
Continued on the next slide
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18. PREVENT LEGAL DIFFICULTIES
If you become a co-owner, be sure to take title appropriately. Use tenancy in common with strangers, associates, and friends. Use joint tenancy with a spouse or other person whom you want to have full ownership by right of survivorship when you die.
In community property states, keep separate property separate with clear records if you do not want it to become community property.
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