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Presentation on theme: "spaghetti pasta canned tomato sauce new and gently used blankets"— Presentation transcript:

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

2 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

3 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

4 WAYS OF ACQUIRING PROPERTY?
Chapter 15

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

6 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

7 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

8 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

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

10 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

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

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

13 Week 3 Chapter 15

14 SCREENCAST

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

16 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

17 Delivery Options Storybird.com dvolver.com toondoo.com Glogster.com
Blabberize.com Piclits.com Issuu.com Goanimate.com Animoto.com Makebeliefscomix.com Smilebox.com Voicethread.com Popplet.com bubbl.us

18 Two ways to own property
Severalty Co-Ownership Chapter 15

19 Severalty One person owns everything Chapter 15

20 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

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

22 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

23 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

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

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

26 Quiz Review

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

28 What is constructive delivery?

29 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.

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

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

32 TYPES OF CO-OWNERSHIP Chapter 15

33 Chapter 15


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