After you have mastered the material in this chapter, you will be able to: Understand concept of property ownership as bundle of rights recognized by law; differentiate types of property; explain bailments, including creation, rights and duties; identify various documents of title. | Property Personal Property and Bailments Real Property Landlord and Tenant Estates and Trusts Insurance Law 5 McGraw-Hill/Irwin Business Law, 13/e © 2007 The McGraw-Hill Companies, Inc. All rights reserved. Personal Property and Bailments P A E T R H C 23 “Few rich men own their own property. The property owns them.” Robert Green Ingersoll, in an address to the McKinley League, New York City (October 29, 1896) Learning Objectives Nature & classifications of personal property Acquiring ownership of personal property Bailments Documents of title 23 - Property refers to (a) something that may be owned, or (b) a right or interest that allows a person to exercise dominion over a thing that may be owned or possessed American principles of private property developed out of Western civilization Other cultures may have different principles Property is classified as real or personal Property Overview 23 - Personal property may be classified as: Tangible – has a physical existence . | Property Personal Property and Bailments Real Property Landlord and Tenant Estates and Trusts Insurance Law 5 McGraw-Hill/Irwin Business Law, 13/e © 2007 The McGraw-Hill Companies, Inc. All rights reserved. Personal Property and Bailments P A E T R H C 23 “Few rich men own their own property. The property owns them.” Robert Green Ingersoll, in an address to the McKinley League, New York City (October 29, 1896) Learning Objectives Nature & classifications of personal property Acquiring ownership of personal property Bailments Documents of title 23 - Property refers to (a) something that may be owned, or (b) a right or interest that allows a person to exercise dominion over a thing that may be owned or possessed American principles of private property developed out of Western civilization Other cultures may have different principles Property is classified as real or personal Property Overview 23 - Personal property may be classified as: Tangible – has a physical existence Examples: cars, clothing, animals, furniture Intangible -- has no physical existence Examples: intellectual property (patents, copyright, trademark), stocks, and bonds Classifying Property 23 - Ownership of personal property may be acquired by: production, purchase, lease, taking possession of unowned property, will or inheritance, confusion, accession, or gift Acquiring Ownership 23 - Ask students what types of property are depicted in the photo. Personal tangible property (care, briefcase, documents, clothing), personal intangible property (trade secrets, patents, trademarks, copyright), real property (house in background, street). The different types of ownership are also depicted: production, purchase or lease, the finders of the property who take possession, some property may have been given as gift or through will or inheritance, and accession (car chassis with car body and engine, perhaps maintenance on the car, worker’s added value to documents). Other than the driver seems .
