LAW 603 Chapter Notes - Chapter 17: Subrogation, Property Insurance, Standard Form Contract

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22 Jul 2016
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LAW603 Chapter 17 Notes – Personal Property: Bailment and Insurance
Real Property: is immoveable (and usually permanent)
Personal Property: is moveable (and transitory)
Tangible Property: is a thing that can be touched (goods or chattels)
Intangible Property: is a thing that cannot be touched (intellectual property, patents, copyrights
etc)
Acquiring Personal Property Rights
- Usually acquired through the intention of one or more people
- Purchasing vs Buying: you receive a smaller package of right when you rent
- Property rights are not always acquired through contract (sometimes you can get
something for nothing, like a gift)
- Sometimes things have no owner, and you can acquire ownership of the thing by taking
possession of it with the intention of controlling it for yourself (finders keepers)
- If you find property that someone else lost, you acquire the rights that are effective against
everyone except the true owner
- Some rights can be acquired through an act of creation (author enjoys copyrights and book
s/he wrote, owner of cow has rights to calves that are born)
Losing Personal Property Rights
- Personal property rights do not last forever
- Your rights will continue to exist even if a book is lost or stolen, but it’s different if you
abandon the text with an intention of giving up control
- Rights can also disappear if your personal property becomes attached tom or mixed with,
land or other chattels (fixtures)
Fixture: is a chattel that has been sufficiently affixed, or attached, to land or a building
- The fixture becomes a belonging of the owner of the land
Test to figure out whether something becomes a fixture…
Degree of attachment
- Chattel is more likely considered a fixture if its attached to a building rather than sitting
under its own weight
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Purpose of attachment
- If the thing was installed to enhance the value of the apartment, then it’s probably a fixture
- If it was done to make better use of the dishwasher, then it is less likely to be a fixture
Tenants’ fixtures
- Even if the dishwasher did become the landlord’s fixture, you can turn it back into your
chattel I you removed it within a reasonable time after the end of lease, and without doing
irreparable damage to the apartment
---------------CONCEPT SUMMARY 17.1 PAGE 418 ----------------------------------
Bailment
Bailment: occurs when one person temporarily gives up possession of property with the
expectation of getting it back
Bailor: is the person who delivers property
Bailee: is the person who receives property
Consignment: occurs when an owner gives property to another person for the purpose of selling it
- The owner called the consignor and the person making the sale is called the consignee
- When the consignee sells the property on behalf of the consignor to a purchaser, ownership
passes directly from the consignor to the purchaser. The consignee only ever had control
and possession of the property for the purpose of making the sale – they were never the
owner
Other examples of bailment:
- Renting a circular saw from a hardware store
- Shipping furniture with a moving company
- Delivering a machine to a shop for repairs
- Placing equipment in a storage unit
- Leasing a vehicle from a dealership
- Borrowing a book from a library
- Sending a package by courier
- Lending a lawnmower by courier
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