Mos 2275 Chapter 17 Notes

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Department
Management and Organizational Studies
Course
Management and Organizational Studies 2275A/B
Professor
Desmond Mc Keon
Semester
Fall

Description
Chapter 17: Personal Property Context of Personal Property  Real property: Land and what is attached to it  Personal property: All property, other than land and what is attached to it o Tangible property:  Personal property that is mobile, the value of which comes from its physical form  Legally known as chattel o Intangible property: Personal property, value of which comes from legal rights  Includes insurance policies, accounts receivables, bank accounts, customer records, etc.  Acquisition to ownership: o No comprehensive system for publicly registering title to personal property exists, because:  Most goods can be easily transported from one province to another  Cost of registration is not justified  Chattels are registered, because it is considered economical to protect the creditor’s right to property. o Land is acquired through purchase or lease o Goods are acquired by purchasing or manufacturing them o Insurance coverage is bought by paying premiums and is described in the insurance policy which gives the consumer the right to recover losses in specified circumstances o Accounts receivable are created by delivering goods or services to consumers who agree to pay at a later date. o Certain intellectual property (copyright) is owned as a result of being created. Others (trademark) are established through use, registration, or both.  Possession without ownership o Gaining ownership of the property of another, often with the intent that possession ultimately be returned o Includes leasing, renting, and franchising,  Obligations arising from ownership and possession o Owner of property bears ultimate responsibility for its protection. o One who possesses property but does not own it, must take reasonable care and pay applicable charges for it  Depends on whether the arrangement is contractual or not.  Must be determined who will be the insurer of the property.  Rights arising from ownership and possession o The owner of the property who is in possession of it is entitled to deal with it as she sees fit. o Selling the property and transferring ownership and possession to the buyer. o Leasing the property with the intent of regaining possession or selling it when the lease expires o Using the property as security for a loan, thereby giving the lender the right to seize or sell the property if the borrower defaults on the loan o Transferring possession of chattels to another business for storage, repair, or transport with the corresponding rights and regain possession. Principles of Bailment  Bailment: Temporary transfer of possession of personal property from one person to another o Bailor: The owner of property who transfers possession in a bailment o Bailee: The person who receives possession in a bailment o Includes rental, lease, delivery, transport, storage, or shipping. o Is payment involved?  Possession of property may be transferred without payment by virtue of a loan or a free service  Bailment for value: Bailment involving payment for use of property or a service  Gratuitous bailment: Bailment that involves no payment (Ex. test driving a car) o For whose benefit is the bailment?  Bailments for value is common, in which both the bailor and the bailee benefits  Gratuitous bailments may only benefit one of the parties  Contract of a bailment usually includes:
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