CU-Boulder BCOR 3000 - Real and Personal Property (8 pages)

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Real and Personal Property



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Real and Personal Property

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Real and Personal Property


Lecture number:
28
Pages:
8
Type:
Lecture Note
School:
University of Colorado at Boulder
Course:
Bcor 3000 - Business Law, Ethics, and Public Policy
Edition:
1
Unformatted text preview:

BCOR 3000 1st Edition Lecture 28 Outline of Last Lecture I Patents Copyrights Trademarks II Priority and Registration III Trademarks IV Trademark Issues V Generic Use of Trademark VI Patents VII Pros and Cons of Patents VIII Legal Significance of a Patent IX Copyrights X Fair Use Doctrine XI Digital Copyrights Issues XII Misappropriation Stealing of Trade Secrets XIII International Protection Outline of Current Lecture Chapter 35 I II III IV V VI VII VIII IX X XI Real Property vs Personal Property Ownership Degrees Concurrent Ownership Tenancy in Common Joint in Tenancy Marital Issues Gifts Other Issues Mislaid Lost and Abandoned Property Estray Statutes Bailments These 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 36 I II III IV V VI VII VIII IX X XI XII XIII XIV Real Property Fixtures Fee Simple Ownership Life Estates Non Possessory Interests Deeds Recording Deeds Adverse Possession Squatters Rights Leasehold Estates Leases Landlord Tenant Warranty of Habitability Transfer of Landlord Interest Transferring Tenant s Interest Current Lecture Chapter 35 Real Property and Bailments Real Property vs Personal Property Real Land and things permanently attached Buildings Plants Driveways etc Personal Everything else Ownership Degrees Fee Simple Absolute ownership Highest form of ownership Ownership degree more important with real property than personal property Concurrent 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 other Tenancy 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 marriage Gifts 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 whole Mislaid 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 owner Bailments 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 all Special 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 ownership Innkeepers 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 negligence Chapter 36 Real Property and Landlord Tenant Law Real Property Land and buildings and other things permanently attached All else is personal property Air rights and subsurface rights Included but can be sold separately commonly done In the west water rights owned separately from land itself Urban setting there are no water rights Fixtures Personal property that has become attached to real property such that it has become part of the real estate Usually does not include basic building materials Basic Rule Did the attacher intend it to become part of the real estate Sometimes


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