1. The Law of Property Lesson Objectives
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BHS Law Related Education Law II
Chapter 19 The Law of Property
The Law of Property
Lesson Objectives
Analyze the Legal Definition of Property.
Analyze and Comprehend the Classes of Property.
Comprehend Aspects of Intellectual Property
Review 7 Ways to Acquire Property.
Analyze and Comprehend Different Forms of Property Ownership.

2. I. THE LEGAL DEFINITION OF PROPERTY
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BHS Law Related Education Law II
Chapter 19 The Law of Property
I. THE LEGAL DEFINITION OF PROPERTY
Property is anything that is subject to ownership.
Property Law is a group of related legal rights which pertain to the acquisition, ownership, and transfer of property.

3. II. CLASSIFICATIONS OF PROPERTY
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BHS Law Related Education Law II
Chapter 19 The Law of Property
II. CLASSIFICATIONS OF PROPERTY
The law recognizes four classifications of property.
1. Real property.
2. Tangible personal property.
3. Intangible personal property.
4. Intellectual property.

4. II. CLASSIFICATIONS OF PROPERTY
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BHS Law Related Education Law II
Chapter 19 The Law of Property
II. CLASSIFICATIONS OF PROPERTY
1. Real Property refers to land and all structures on the land. Real property also includes the following:
a) All integrated equipment (i.e. light fixtures, a well pump)
b) Anything growing on the land.
c) All "interests" in the property, which may include the right to drill for oil, the right to use of airspace or an easement across another's property. 4

5. II. CLASSIFICATIONS OF PROPERTY
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BHS Law Related Education Law II
Chapter 19 The Law of Property
II. CLASSIFICATIONS OF PROPERTY
2. Tangible Personal Property refers to physical, movable articles (things) which are subject to ownership. Commonly, tangible personal property is called "personalty."
3. Intangible Personal Property refers to items such as stock in a company or your pension, which represent value but are not actual, tangible objects. 5

6. II. CLASSIFICATIONS OF PROPERTY
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BHS Law Related Education Law II
Chapter 19 The Law of Property
II. CLASSIFICATIONS OF PROPERTY
4. Intellectual Property refers to creative works that have economic value and are protected by law.
a) 4 ways to protect intellectual property include:
1) Copyrights
2) Patents
3) Trademarks
4) Trade Secrets 6

7. III. INTELLECTUAL PROPERTY
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BHS Law Related Education Law II
Chapter 19 The Law of Property
III. INTELLECTUAL PROPERTY
COPYRIGHT ©
What Is Protected?
Fixed expressions of creativity
Registration:
Not required, but recommended
Duration:
70 years past the death of the creator.
Examples:
Novels, poems, songs, photographs 7

8. III. INTELLECUTAL PROPERTY
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BHS Law Related Education Law II
Chapter 19 The Law of Property
III. INTELLECUTAL PROPERTY
PATENT
What Is Protected?
Ideas, designs, or processes that are novel, non-obvious, and useful
Registration:
Required
Duration:
17 years
Examples:
Manufacturing processes, prescription drugs, the “better mouse trap” 8

9. III. INTELLECTUAL PROPERTY
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BHS Law Related Education Law II
Chapter 19 The Law of Property
III. INTELLECTUAL PROPERTY
TRADEMARKS ®
What Is Protected?
Distinctive mark, word, or symbol associated with a particular product
Registration:
Not required, but recommended
Duration:
Indefinite
Examples:
Logos, emblems, catch phrases 9

10. TRADEMARKS ®
“I’m Loving it”
“Just Do It”

11. III. INTELLECTUAL PROPERTY
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BHS Law Related Education Law II
Chapter 19 The Law of Property
III. INTELLECTUAL PROPERTY
TRADE SECRETS
What Is Protected?
A unique formula, practice, process, design, recipe, or compilation of information.
Registration:
None. A company can protect itself through non-compete clauses in employee contracts.
Duration:
Indefinite
Examples:
The formula for Coca-Cola 11

12. IV. 7 Ways to Acquire Property
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BHS Law Related Education Law II
Chapter 19 The Law of Property
IV. 7 Ways to Acquire Property
A. The law recognizes 7 ways a person can acquire property;
By contract
By gift
By accession (The right to all that one's own property produces)
By intellectual labor
By finding
By occupancy (Taking possession of real or personal property, which has no known owner, with the intention of gaining ownership)
By inheritance 12

13. V. Different Forms of Property Ownership
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BHS Law Related Education Law II
Chapter 19 The Law of Property
V. Different Forms of Property Ownership
There are two basic forms of property ownership:
1. Ownership in severalty-ownership of property by one person or one legal entity.
2. Co-ownership-ownership of property by one or more persons or one legal entities. There are four types of co-ownership recognized by law:
a) Tenancy In Common b) Joint Tenancy
c) Tenancy By The Entireties d) Community Property 13

14. V. Different Forms of Property Ownership
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BHS Law Related Education Law II
Chapter 19 The Law of Property
V. Different Forms of Property Ownership
a) Tenancy In Common-title to property (usually real property, but it can apply to personal property) held by two or more persons.
1) Each has an "undivided interest" in the property.
2) All owners have an equal right to use the property, even if the percentage of interests are not equal.
3) There is no "right of survivorship." In the event one of the tenants in common dies, each interest may be separately sold, or willed to another. 14

15. V. Different Forms of Property Ownership
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BHS Law Related Education Law II
Chapter 19 The Law of Property
V. Different Forms of Property Ownership
b) Joint Tenancy-title to real property which provides that each party owns an undivided interest in the entire parcel.
1) Both owners have the right to use all of the property.
2) There is a “right of survivorship”, which means that upon the death of one joint tenant, the other acquires full title. 15

16. V. Different Forms of Property Ownership
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BHS Law Related Education Law II
Chapter 19 The Law of Property
V. Different Forms of Property Ownership
c) Tenancy By The Entireties-Joint possession of real property by a husband and wife who are viewed as one entity under the law.
1) Neither husband nor wife can convey the property without the consent of the other
2) There is a “right of survivorship”, which means the surviving spouse takes control of the property. 16

17. V. Different Forms of Property Ownership
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BHS Law Related Education Law II
Chapter 19 The Law of Property
V. Different Forms of Property Ownership
c) Community Property-Joint possession of real and personal property by a husband and wife recognizing the equal contribution of both parties to a marriage even though one or the other may earn more income through employment.
1) All property and profits clearly trace-able to property owned before marriage, is separate property.
2) There is a “right of survivorship”, which means the surviving spouse takes control of the property. 17