Types of PropertyTypes of Property

PropertyProperty

1) a thing tangible or intangible 1) a thing tangible or intangible that is subject to ownership, and that is subject to ownership, and

2) a group of related legal rights.2) a group of related legal rights.– Posses, use and enjoyPosses, use and enjoy– Dispose of (gift or sale, Dispose of (gift or sale,

consume, destroy) consume, destroy) – Give it away by will upon deathGive it away by will upon death

Real vs. Personal Real vs. Personal

Real PropertyReal Property: ;and, buildings and : ;and, buildings and those things permanently affixed to those things permanently affixed to them. (i.e. fixtures)them. (i.e. fixtures)

Personal PropertyPersonal Property: Anything that is : Anything that is not real property, tangible or not real property, tangible or intangible.intangible.– Tangible – things that you can see Tangible – things that you can see

or touch.or touch.

Intellectual PropertyIntellectual Property CopyrightsCopyrights protects expression of a protects expression of a

creative work. Protection extends 70 creative work. Protection extends 70 years past death of creator. years past death of creator.

InfringementInfringement is the unauthorized is the unauthorized copying, sale, display or performance copying, sale, display or performance of a copyright protected work.of a copyright protected work.

Fair Use Fair Use is limited use of copyrighted is limited use of copyrighted work by critics, researchers, news work by critics, researchers, news reporters, educators. reporters, educators.

Intellectual PropertyIntellectual Property TrademarkTrademark is a word, mark, is a word, mark,

symbol or device that identifies a symbol or device that identifies a product, manufacturer or product, manufacturer or merchant. merchant.

Trademark protection is indefinite Trademark protection is indefinite as long as there is continuous use as long as there is continuous use and the mark is in the public eye. and the mark is in the public eye.

Service Mark Service Mark is a unique word, is a unique word, mark or symbol that identifies a mark or symbol that identifies a service.service.

Intellectual PropertyIntellectual Property PatentPatent is the grant of the exclusive is the grant of the exclusive

right to make, use, import, sell and right to make, use, import, sell and offer a novel or new, non-obvious, offer a novel or new, non-obvious, useful product or process. useful product or process.

To receive a patent from the federal To receive a patent from the federal govt. the invention must be “novel, govt. the invention must be “novel, non-obvious, and useful.” non-obvious, and useful.”

Novel = “Eureka Experience” or Novel = “Eureka Experience” or “Burst of Genius.” “Burst of Genius.”

Intellectual PropertyIntellectual Property

Trade Secret Trade Secret is commercially is commercially valuable information that the owner valuable information that the owner attempts to keep secret. attempts to keep secret.

Acquiring PropertyAcquiring Property ContractContract GiftGift Inheritance Inheritance AccessionAccession Intellectual LaborIntellectual Labor FindingFinding OccupancyOccupancy Adverse PossessionAdverse Possession DedicationDedication Eminent DomainEminent Domain

Acquired by ContractAcquired by Contract

Any kind of property may be Any kind of property may be acquired and transferred of bought acquired and transferred of bought or sold by contract. or sold by contract.

People acquire most of their property People acquire most of their property by earning money and using it to by earning money and using it to purchase property. purchase property.

Acquired by GiftAcquired by Gift Donor (gift-giver) must show intent to Donor (gift-giver) must show intent to

transfer ownership, and transfer ownership, and Deliver the property.Deliver the property. Donee (receiver) must accept the gift Donee (receiver) must accept the gift

- either by not rejecting it,- either by not rejecting it,

- or, expressly / impliedly - or, expressly / impliedly showing showing acceptance. acceptance.

A promise to make a gift does not A promise to make a gift does not create a legal obligation (except a create a legal obligation (except a pledge to a non-profit)pledge to a non-profit)

Acquired by GiftAcquired by Gift

Inter Vivos – Owner transfers Inter Vivos – Owner transfers ownership irrevocably.ownership irrevocably.

Causa Mortis – Gift may be revoked Causa Mortis – Gift may be revoked at the whim of the donor. at the whim of the donor.

Acquired by Intellectual LaborAcquired by Intellectual Labor

Original Production of intellectual Original Production of intellectual property. property.

(Patents, Copyrights)(Patents, Copyrights)

Acquired by Inheritance Acquired by Inheritance

Rich Uncle JoeRich Uncle Joe

AccessionAccession

Right of a property owner to an Right of a property owner to an increase in that property.increase in that property.

i.e. crops, off-spring of live stock. i.e. crops, off-spring of live stock.

Acquired by FindingAcquired by Finding

NOT “Finders – Keepers”NOT “Finders – Keepers” Anyone who loses property has the Anyone who loses property has the

right to recover it from the finder.right to recover it from the finder. Must be able to prove ownership.Must be able to prove ownership. LostLost Property – Owner does not know Property – Owner does not know

where or when it disappeared.where or when it disappeared. MislaidMislaid Property – Intentionally left Property – Intentionally left

and forgotten. and forgotten.

Acquired by FindingAcquired by Finding

Finder has right to possession and Finder has right to possession and use. use.

OccupancyOccupancy

Taking title by taking possession of Taking title by taking possession of personal property that does not personal property that does not belong to anyone else. belong to anyone else.

i.e. abandoned or discarded. i.e. abandoned or discarded. How do you know that property is How do you know that property is

abandoned? abandoned? Conversion…Conversion…

How is Property Held?How is Property Held?

Ownership in Severalty – Owning Ownership in Severalty – Owning property by yourself.property by yourself.

Co-ownership – Two or more persons Co-ownership – Two or more persons have ownership rights in the same have ownership rights in the same property. property.

Co-OwnershipCo-Ownership

Joint Tenancy – Equal co-ownership Joint Tenancy – Equal co-ownership with the right of survivorship (divided with the right of survivorship (divided among the surviving joint tenants). among the surviving joint tenants).

Tenancy in Common – Shares may be Tenancy in Common – Shares may be unequal and no right of survivorship. unequal and no right of survivorship.

Co-OwnershipCo-Ownership

Tenancy by the Entireties – Co-Tenancy by the Entireties – Co-ownership between husband and ownership between husband and wife.wife.

Community Property – Each spouse Community Property – Each spouse has one-half interest in property has one-half interest in property acquired during marriage. acquired during marriage. (California) (California)

Real Property Real Property

Real Property Ownership entails the Real Property Ownership entails the right to title, use, possession. right to title, use, possession.

Surface RightsSurface Rights Air SpaceAir Space Mineral Rights Mineral Rights

Limitations on OwnershipLimitations on Ownership

Easements – Irrevocable Rights to Easements – Irrevocable Rights to some limited use of another’s land. some limited use of another’s land.

Restrictive Covenants – A promise to Restrictive Covenants – A promise to limit the use of the land. limit the use of the land.

Zoning Laws – Local Ordinances to Zoning Laws – Local Ordinances to regulate the type of business or use regulate the type of business or use of the land. of the land.

Trespass Trespass Trespassers:Trespassers: When someone is on When someone is on

the land without the right to be the land without the right to be there. there.

LicenseeLicensee: A person that the : A person that the possessor has permitted to be there. possessor has permitted to be there. (i.e. social guest, deliver person)(i.e. social guest, deliver person)

Invitee:Invitee: Public or business. Public or business.