1. Chapter 26 Personal Property

2. What is Property? A thing, tangible or intangible, that is subject to ownership and a group of rights and interests related to the thing that are protected by law –Ownership - possession, use, and enjoyment; disposal, consumption, or destruction; willing it away are all rights of ownership.

3. Kinds of Property Real Property - land, including not only the surface of the earth, but also the water and minerals on and below the surface. Personal Property - property that is movable, such as as a car, airplane, or sofa. Intellectual Property - purely intangible; that is, one cannot touch it.

4. How Can Property Be Acquired? Acquiring Ownership by Contract Acquiring Ownership by Gift Acquiring Ownership by Accession Acquiring Ownership by Intellectual Labor –Copyright - grant to a person the exclusive ownership of the created material –Catent - grant of the exclusive right to make, use, and sell a useful product

5. More Acquisitions Acquiring Ownership by Finding –Mislaid Property - intentionally placed somewhere but then forgotten –Lost Property - created when the owner unknowingly leaves it somewhere accidentally Acquiring Ownership by Occupancy –Occupancy - means taking possession of property Acquiring Ownership by Inheritance

6. What are the Forms of Ownership? –Ownership in severalty - exists when someone owns all the ownership rights in property –Co-ownership - exists when two or more persons have the same ownership rights –Equal rights of possession - means that no co- owner can exclude any other co-owner from any physical portion of the property –Right of partition - allows any co-owner to require the division of the property

7. More Forms –Joint tenancy - the equal co-ownership of the same property rights –Right of survivorship - means that if one of the joint owner dies, the survivors split the remaining property –Tenancy in common - shares are unequal –Tenancy by the entireties - limited to couples, carries ROS –Community property - each spouse owns one- half interest in such property –Separate property - property owned by either spouse at the time of marriage