Chapter 17 BCL.docx

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Department
Marketing and Consumer Studies
Course
MCS 3040
Professor
Joseph Radocchia
Semester
Fall

Description
Chapter 17 Personal Property The Context of Personal Property Description  Real property refers to land, whatever is permanently attached to it & its associated legal rights Personal Property: All property, other than land & what’s attached to land that can be identified by its mobility Tangible Property: Refers to property of concrete or material Intangible Property: Personal property, the value of which comes from legal rights  E.g insurance policies, accounts receivable, bank accounts and customer records  Intellectual property in law are called “choses in action” and are protected by legislation Acquisition of Ownership Ownership of property is acquired by a business in a variety of ways…  land is acquired through purchase or lease  The ownership of goods in acquired by purchasing/making them  Insurance coverage is bought by paying premiums and described in the insurance policy which gives the customer the right to recover losses in specified circumstances  Accounts receivable are created by delivering goods and services to customers, who pay at a later date  Certain kinds of intellectual property (such as copyright) are owned as a result of being created and some (such as trademark) are established through registration  No comprehensive system for publically registering title to personal property as there is w/ real property although there’s some specialized registries for items such as motor vehicles, patents and trademarks  One reason for the difference concerns the mobility of personal property Possession without ownership  One party may gain possession of the property of another often without the intent that possession ultimately be returned to the owner  Such an arrangement involves possession without ownership  Often what drives the temporary split of ownership and possession is that it meets the business needs of both parties in each situation Obligations Arising from Ownership and Possession  The owner of property bears ultimate responsibility for its protection  Law requires that someone other than the owner who has possession of property must take reasonable care of it an pay applicable charges for use of the property  Since the owner of the property is the 1 who ordinarily bears the risk of loss from its damage or destruction, the owner may take steps to shift the risk to another business by such means as an insurance contract Rights Arising from Ownership  The owner of property who is also in possession is entitled to deal with it essentially as she sees fit Options include…  Selling the property and transferring ownership & possession to buyer  Leasing the property to another business w/ intent of regaining possession or selling it when lease is up  Using the property as security for a loan (giving lender right to seize or sell the property if the borrower defaults on payment)  Transferring possession of  The possessor of the property has the right to keep the property for the period of time provided for in the agreement with the property’s owner Personal Property Issues  Many legal problems relating to tangible personal property arise from its basic nature  Goods or items of goods other than property are portable and therefore harder to t
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