MCS 3040 Lecture Notes - Lecture 17: Entrust, High Standard Manufacturing Company, Common Carrier

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3040
• Professor: Joe Radocchia

Document Summary

Land and whatever is permanently affixed to it or part of it. All property, other than land and what is attached to land. Personal property that is moveable, the value of which comes from its physical form. Personal property, the value of which comes from legal rights. Registering ownership of personal property: there is no comprehensive system for publicly registering title to personal property as there is with real property, there are some specialized registries for items such as motor vehicles, patents, and trademarks. The bundle of rights: collection of legal right associated with property: right to exclude, right to possess and use, right to transfer or dispose. Owner can: sell the property transferring ownership, possession, lease property, use property as security for a loan, transfer possession of its chattels to another business. Ownership obligations with personal property: with mobile personal property, owners are not always in possession, so certain rules need to be used.