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CU-Boulder BCOR 3000 - Real and Personal Property

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BCOR 3000 1st Edition Lecture 28Outline of Last LectureI. Patents, Copyrights, TrademarksII. Priority and RegistrationIII. TrademarksIV. Trademark IssuesV. Generic Use of TrademarkVI. PatentsVII. Pros and Cons of PatentsVIII. Legal Significance of a PatentIX. CopyrightsX. Fair Use DoctrineXI. Digital Copyrights IssuesXII. Misappropriation “Stealing” of Trade SecretsXIII. International Protection Outline of Current LectureChapter 35I. Real Property vs. Personal PropertyII. Ownership DegreesIII. Concurrent OwnershipIV. Tenancy in CommonV. Joint in TenancyVI. Marital IssuesVII. Gifts VIII. Other IssuesIX. Mislaid, Lost and Abandoned PropertyX. Estray StatutesXI. BailmentsThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.Chapter 36I. Real PropertyII. FixturesIII. Fee Simple OwnershipIV. Life EstatesV. Non-Possessory InterestsVI. DeedsVII. Recording DeedsVIII. Adverse Possession “Squatters’ Rights”IX. Leasehold EstatesX. LeasesXI. Landlord TenantXII. Warranty of HabitabilityXIII. Transfer of Landlord InterestXIV. Transferring Tenant’s InterestCurrent LectureChapter 35—Real Property and BailmentsReal Property vs. Personal Property• Real: Land and things “permanently” attached– Buildings– Plants– Driveways, etc.• Personal:– Everything elseOwnership Degrees• Fee Simple:– Absolute ownership– Highest form of ownership• Ownership degree more important with real property than personal propertyConcurrent Ownership• Applies to real as well as personal property• Multiple owners• Ex: Brother and Sister share a care—they are co-owners.• Most of the time it is not split in terms of the physical car—it is more like a 50% share or right to use and access the vehicle.– Questions/issues• What happens when a co-owner dies?—If under Tenancy in Common—look at will. IF some dies it does not go to the other owners—it will go to the heirs. • Can co-owner sell share separately?—There is no need to tell other partial owner that you are selling your share.• Limits and restrictions if co-owners are married to each otherTenancy in Common• Most common co-ownership form• This is the default if type of co-ownership is not clear• Each can separately sell his/her share (even without knowledge of other)• When one owner dies, share goes according to will• If under Tenancy in Common—look at will. IF some dies it does not go to the other owners—it will go to the heirs. • Can co-owner sell share separately?—There is no need to tell other partial owner that you are selling your share.Joint in Tenancy• Hard to create, easy to destroy– Why?• If one co-owner dies, property goes to the other co-owner(s)• Each can separately sell, but it will become a tenancy in common• When owner dies—ownership ends and gets redistributed to the other owners.• Usually close relationship Martial Issues• Tenancy by the entirety– Similar to joint tenancy, but:– Married couples only– Legal Restriction: cannot separately sell share w/o spouse’s consent• Marital Property—everything received after marriage (money, assets, investments, etc.)• Individual Property—all belongings that were “yours” before and on the day of marriage.• Non Community Property States—Judge has discretion to divide up all marital property.• Community Property– Only a few states– Automatic 50:50 ownership of assets acquired during marriageGifts• Don’t confuse completed gift with promise to make a gift• Remains a promise till complete• 3 requirements for complete gift:– Donative intent – Delivery– Acceptance (usually presumed)• Gifts causa mortis—a gift because of death—if you do not die you can take the gift back• Once completed it remains in the possession of the receiver.• If it is not completed…it fails and remains in the possession of the giver.Other Issues• Accession– Additions– Placed there by owner or non-owner• Good faith accession by non-owner• Ex: Take car to repair shop and they are supposed to put a new transmission in it. They also put a radiator in it, too. IF the car accidently put it in there you may or may not have pay. IF there is an increase in benefit you will have to pay for it. If you are keeping the car to yourself and not selling it you are not receiving immediate benefit so therefore you do not have to pay for it.• Confusion (mixing)– Question is often whether one is entitled to some or the wholeMislaid, Lost and Abandoned Property• Abandoned: Owner intended to give up ownership– “finders keeper”• Mislaid: Owner purposely put there, but then forgot it– Owner premises will receive item if never claimed• Lost: Owner unaware that got to place where found– e.g. accidentally dropped• IF you lost or mislaid it—the person who lost it always gets the property if they come searching for it. When found, who gets property?• Abandoned: Finder, who obtains good title• Mislaid: Owner of premises where found gets it.• Lost: Finder gets it.– Both of these have good title against all except true owner• How do we know which it is???Estray Statues• Encourage owners to report lost property• Compliance with statute will result in good title. Details differ by state.– Report & somehow advertise– Wait for the stated time• If comply, finder will get absolute ownership, even against prior ownerBailments• Property of one person rightfully in possession of other• Physical possession of someone else’s property• Degree of care—“OR’sto EE’s”– Bailment for bailee’s benefit– Bailment for bailor’s benefit– Bailment for mutual benefit—benefits both;• Includes most bailments for hire– Today: Often simply “reasonable care” for allSpecial Bailments• Common carriers– Shipping companies, like UPS– Self-Storage Units– Strict Liability, with exceptions– Contract often limits liability• Public Warehouses– High degree of care• Warehouse receipts prove ownershipInnkeepers• Under the old common law rule, they had strict liability– Today, state statutes limit liability– Variables in the law include:• Notice (often on the back of door into hotel room)• Availability of a safe• Upper dollar limit for negligenceChapter 36—Real Property and Landlord Tenant LawReal Property• Land and buildings and other


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