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Chapter 23 - Personal property and bailments. After you have mastered the material in this chapter, you will be able to: Understand concept of property ownership as bundle of rights recognized by law; differentiate types of property; explain bailments, including creation, rights and duties; identify various documents of title. | Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 5 Personal Property and Bailments Real Property Landlord and Tenant Estates and Trusts Insurance Law Property P A R T Personal Property and Bailments P A E T R H C 23 Few rich men own their own property. The property owns them. Robert Green Ingersoll In an address to the McKinley League, New York City (October 29, 1896) Learning Objectives Understand concept of property ownership as bundle of rights recognized by law Differentiate types of property Explain bailments, including creation, rights and duties Identify various documents of title Property refers to (a) something that may be owned, or (b) a right or interest that allows a person to exercise dominion over a thing that may be owned or possessed Property ownership is a bundle of rights that the law recognizes and enforces, including the rights to use, transfer, or destroy the property Property Overview Property is classified as . | Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 5 Personal Property and Bailments Real Property Landlord and Tenant Estates and Trusts Insurance Law Property P A R T Personal Property and Bailments P A E T R H C 23 Few rich men own their own property. The property owns them. Robert Green Ingersoll In an address to the McKinley League, New York City (October 29, 1896) Learning Objectives Understand concept of property ownership as bundle of rights recognized by law Differentiate types of property Explain bailments, including creation, rights and duties Identify various documents of title Property refers to (a) something that may be owned, or (b) a right or interest that allows a person to exercise dominion over a thing that may be owned or possessed Property ownership is a bundle of rights that the law recognizes and enforces, including the rights to use, transfer, or destroy the property Property Overview Property is classified as real or personal Personal property may be classified as: Tangible – has a physical existence Examples: cars, clothing, animals, furniture Intangible -- has no physical existence Examples: intellectual property (patent, copyright, trademark), stocks, and bonds Classifying Property Ownership of personal property may be acquired by: Production Purchase Leasing Gift Will or inheritance Confusion Accession Taking possession of unowned property Acquiring Ownership Possession of Unowned Property Two major examples of unowned property that may be acquired by possession are wild animals and abandoned property The first person to take possession of a wild animal normally becomes the owner If a captured wild animal escapes and is caught by another person, that person becomes the owner unless s/he knew the animal had escaped from the first person Acquiring ownership of unowned property by taking possession is the principle underlying the activities of hunters and gatherers. Abandoned or .
