Chapter 19 Personal Property and Bailment

Real Property– afixed to land

I. Personal Property– any property that is legally owned that can be moved

  1. Tangible– any property that can be physically touched
  2. Intangible– can’t touch, ideas, thoughts, original works, etc.
  • The rights one has in ownership of personal property
  • Intellectual Personal Property
    • Copyrights
    • Patents
    • Trademarks

II. Copyright– granted authors, composers, photographers, artists to exclusively use and the publication of an original work

  • lasts the life of the “artist” + 50 years
  • must have written consent to use copyrighted material

III. Patents– exclusive rights granted by the federal government to make, sell, or use an invention

  • lasts 17 years
  • non-renewable
  • requirements- new principle or idea; serve a useful purpose; must submit a design or drawing
  • “patent pending”- invention is protected and can’t be stolen
  • register a patent at the US trademark and Patent office
  • get a patent ID#

IV. Trademarks– a mark, symbol, or slogan used to identify a business

  • lasts 10 years
  • renewable

V. Possesion of Personal Property

  • Gift of personal property
    1. Intent of donor
    2. Dust be delivered
    3. Must be accepted
    4. Cannot be taken back
  • Lost Property– personal property that is lost or found in a “general area.” Finder must make an attempt to locate owner, if not they can keep it
  • Misplaced Property– personal property that is found in an establishment or business
    1. “Lost and Found” – business must keep misplaced property for a period of time

VI. Bailments– an agreement to use ones personal property by another for a specific purpose; to give up possesion of your personal property

  • Ex: Taylor Rental- party supplies
  • Ex: Pep Boys, Valet parking, parking garage
  • Bailee– in possession of personal property
  • Bailor– person who gives up possession of personal property

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II. Types of Bailments

  1. Mutual Benefit Bailment
    • both bailee and bailor benefit
      • Service or Repair
      • Storage
      • Parking
      • Security for a loan
      • Rentals
  2. Bailment by Necesstiy– implied by law (Ex: coat check, baggage check, amusement park lockers
  3. Gratuitous Bailment– one or both of the parties do not recieve a benefit
    • Sole Benefit of the Bailee- the party recieving personal property benefits only! (Ex: lending a car, borrowing tools) – Degree of care= high
    • Sole Benefit of the Bailor- when the party who owns personal property gives up possesion (Ex: dog watching, car sitting) – Degree of care= ordinary

 

 

 

 

 

 

 

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