B LAW403 Lecture 15: BLAW 403 - February 26th
15 Mar 2016
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Document Summary
Personal property things that are movable and not fixed to the land. Things in action (legal claims) intangible (i. e. liens) Documentary intangibles (i. e. bill of lading, bill of exchange) There is a difference between the right in the asset itself vs. an obligation or. The difference is excludability because if you have the rights to the asset then you can exclude people from using it. You can"t really exclude people from a spectacle or a show but you can exclude them from the land by building walls etc. If they are in a hot air balloon over a racetrack you can"t shoot down the balloon because they are watching for free". The exercise of control and the intention to possess. Trespass to good = someone is interfering with the possession of your good. Tort of conversion = someone is interfering with the possession of your good but converting it into something else.
