MANAGMNT 260 Lecture 11: Management 11.4
21 Mar 2016
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Document Summary
Property consists of legally protected rights and interests a person has in anything with an ascertainable value that is subject to ownership. Real property= includes land and everything permanently attached to it. An item or attribute of real property can become personal property if its permanently detached from real property. When trees, crops, oil or minerals are removed they become personal property. Fixtures: a fixture is personal property that becomes permanently affixed to real property. Role of intent that it became a fixture is necessary. Case 49. 1 apl limited vs. washington state, dept of revenue (2010). Depends on intent, therefore, case remanded so parties could argue intent. Personal property can be acquired through: possession, production, gift, will or inheritance, accession, confusion. Possession: capture of wild animals (wild animals belong to no one), finding of abandoned property, adverse possessions. Production: writers, inventors, manufacturers, others who produce personal property acquire title to it.
