Personal Property & Bailments
Chapter 17
Chapter Overview
Personal property is anything that can be owned other than real estate. Tangible personal property is something that can be touched, like computers, bicycles, or even pizza. Intangible personal property cannot be touched. If someone owes you a haircut, then the right to receive that haircut is intangible personal property. Intellectual property is an original work fixed in a tangible medium of expression. Inventions, artistic or literary works, and trademarks are examples of intellectual property.
TYPES OF PERSONAL PROPERTY
Personal Property is anything that can be owned other than real estate
Tangible personal property is something that has substance and can be touched
Intangible personal property has no substance and cannot be touched…
It is a right rather than a physical object. It represents something of value rather than having value itself.
Example: someone owes you money…the right to receive the money is intangible
Gifts of Personal Property
The 3 requirements of a completed gift are:
- donor (the one making the gift) must intend to make the gift
- gift must be delivered
- donee (the one receiving the gift) must accept the gift
Lost, Misplaced, Abandoned Property
- May have to advertise for the true owner or deposit the article at the police station while the owner is being sought
Property found in a public or semi-public place is considered misplaced because the owner will most likely recall where it was left and return for it.
Abandoned property is property that has been discarded by the owner without the intent to reclaim ownership, such as a chair at the curb.
INTELLECTUAL PROPERTY
Intellectual Property
Patents, copyrights, and trademarks are considered intellectual property because they are obtained as a result of creative, or intelligent, thought.
Intellectual Property is an original work fixed in a tangible medium of expression
Patents
- To obtain a patent the device must consist of a new principle or idea, be useful and not obvious to people w/ordinary skill in the field.
A utility patent protects the way an article is used and works. It covers the creation of a new or improved and useful product, process, or machine.
The law states: "Whoever invents or discovers any new and useful process, machine, manufacture, or composition of matter, or any new and useful improvement thereof, may obtain a patent therefor, subject to the conditions and requirements of this title."
A design patent protects the way an article looks (its shape and visual characteristics).
Copyright
- The fair use doctrine states copyrighted material may be reproduced without permission in certain cases ~ literary criticism, news reporting, teaching, school reports, and other research
Trademark
- A trademark is in effect for 10 yrs and may be renewed for additional 10 yr periods.
Bailments
A bailment is the transfer of possession and control of personal property to another with the intent that the same property will be returned later.
A bailor is the person who transfers the property.