LAW 603 Lecture Notes - Lecture 4: Bailment, Consignee, Consignor
Document Summary
Types of property: real: immoveable things (e. g. land, personal: moveable things (e. g. cats and cars) Types of personal property: tangible: can be touched (e. g. cars, intangible: cannot be touched (e. g. debts, intellectual property) Finder generally obtains rights effective against all but true owner (occupier is entitled to things that are found in the private but not public sphere) Rights may be acquired through creation: create entirely new property (e. g. sculpture, copyright, create new property through old (e. g. calving) They can be lost in a variety of ways: Rights usually lost through intention: intention of two parties (e. g. sale, intention of one party (e. g. abandonment - intend to give up control) Rights may be lost without intention: destruction of property (e. g. fire, personal property becomes fixture, once chattel becomes a fixture it belongs to the individual that owns the land. Chattel sufficiently attached to land or building.