ARE 18 Chapter Notes - Chapter 48-49, 12: Warranty Deed, Fee Simple, Bailment
31 Aug 2016
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Chapter 48: nature of property, personal, and bailments. Property - a set of rights and interests in relation to others with reference to a tangible or intangible object. The essence of the concept of property is that the state provides the mechanism to allow the owner to exclude others. Personal property - all property that is not land or not permanently affixed to land. It is property that you can see or touch. Tangible property includes items such as cars, furniture, and other goods. Intangible property includes such items as bank accounts, stocks, and insurance policies. The primary issues that arise in conjunction with personal property involve 1) means of acquiring ownership of the property, and 2) the rights and duties arising out of a bailment. Voluntary transfer, as a result of a purchase of a gift, is the most common means by which property is acquired.
