MCS 3040 Chapter Notes - Chapter 17: Bailment, Personal Property, Intangible Property

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3040
• Professor: Raddocchia

Document Summary

Personal property all property, other than land and what is attached to it. Tangible property personal property which is mobile, the value of which comes from its physical form. Intangible property personal property, the value of which comes from legal rights. Ownership can be acquired in a number of ways. There is no comprehensive way for publicly registering ownership of personal property. However, there are some certain registries for things such as motorcycles, patents, and trademarks. Examples of possession without ownership: lease or loan property, possession for the purpose of storage, possession of property as security for a loan. Requirement to take reasonable care applies whether the arrangement is contractual or not. Bailment temporary transfer of possession of personal property from one person to another: lend friends your car, leave car at garage for repairs, pay storage company to store your car. Bailor the owner of property who transfers possession in a bailment.