The Law of the Property Analyze the Legal Definition of Property. CHAPTER 1 8/28/2019 BHS Law Related Education Law II Chapter 19 The Law of Property The Law of the Property Lesson Objectives Analyze the Legal Definition of Property. Analyze and Comprehend the Classes of Property. Comprehend Aspects of Intellectual Property Review 7 Ways to Acquire Property. Analyze and Comprehend Different Forms of Property Ownership.

A. THE LEGAL DEFINITION OF PROPERTY CHAPTER 1 8/28/2019 BHS Law Related Education Law II Chapter 19 The Law of Property A. THE LEGAL DEFINITION OF PROPERTY Property is anything that is subject to ownership. Property Law is a group of related legal rights which pertain to the acquisition, ownership, and transfer/disposition of property.

B. CLASSIFICATIONS OF PROPERTY CHAPTER 1 8/28/2019 BHS Law Related Education Law II Chapter 19 The Law of Property B. CLASSIFICATIONS OF PROPERTY The law recognizes four classifications of property. 1. Real property. 2. Tangible personal property. 3. Intangible personal property. 4. Intellectual property.

a) All integrated equipment (i.e. light fixtures, a well pump) CHAPTER 1 8/28/2019 BHS Law Related Education Law II Chapter 19 The Law of Property Slide 4 B. CLASSIFICATIONS OF PROPERTY 1. Real Property refers to land and all structures on the land. Real property also includes the following: a) All integrated equipment (i.e. light fixtures, a well pump) b) Anything growing on the land. c) All "interests" in the property, which may include the right to drill for oil, the right to use of airspace or an easement across another's property. 4

CHAPTER 1 8/28/2019 Slide 5 BHS Law Related Education Law II Chapter 19 The Law of Property B. CLASSIFICATIONS OF PROPERTY 2. Tangible Personal Property refers to physical, movable articles (things) which are subject to ownership. Commonly, tangible personal property is called "personalty." 3. Intangible Personal Property refers to items such as stock in a company or your pension, which represent value but are not actual, tangible objects. 5

a) The law provides 4 ways to protect intellectual property: CHAPTER 1 8/28/2019 Slide 6 BHS Law Related Education Law II Chapter 19 The Law of Property B. CLASSIFICATIONS OF PROPERTY 4. Intellectual Property refers to creative works that have economic value and are protected by law. a) The law provides 4 ways to protect intellectual property: 1) Copyrights 2) Patents 3) Trademarks 4) Trade Secrets 6

What is Protected? Registration Duration Examples CHAPTER 1 8/28/2019 BHS Law Related Education Law II Chapter 19 The Law of Property Slide 7 4. INTELLECTUAL PROPERTY COPYRIGHT © What is Protected? Fixed expressions of creativity Registration Not required, but recommended Duration 70 years after death of creator Novels, poems, songs, photographs, cartoon characters Examples 7

What is Protected? Registration Duration Examples CHAPTER 1 8/28/2019 BHS Law Related Education Law II Chapter 19 The Law of Property Slide 8 4. INTELLECTUAL PROPERTY Patent Ideas, designs or processes that are Unique, not obvious and useful What is Protected? Registration Required (U.S. Patent Office) Duration 20 years from date application Inventions, Manufacturing processes, prescription drugs, Examples 8

What is Protected? Registration Duration Examples CHAPTER 1 8/28/2019 BHS Law Related Education Law II Chapter 19 The Law of Property Slide 9 4. INTELLECTUAL PROPERTY Trademark ® Distinctive mark, word or symbol associated with a product What is Protected? Registration Not required, but recommended Duration Indefinite Examples Logos, emblems, catch phrases 9

“I’m Loving it” “Just Do It” CHAPTER 1 8/28/2019 BHS Law Related Education Law II Chapter 19 The Law of Property Slide 10 III. INTELLECTUAL PROPERTY TRADEMARKS ® “I’m Loving it” “Just Do It” 10

What is Protected? Registration Duration Examples CHAPTER 1 8/28/2019 BHS Law Related Education Law II Chapter 19 The Law of Property Slide 11 4. INTELLECTUAL PROPERTY TRADE SECRETS A unique formula, practice, process recipe, or design What is Protected? Registration None. A company can protect itself through non-compete clauses Duration Indefinite Examples Formula for Coke, Pepsi etc. 11

D. 7 Ways to Acquire Property CHAPTER 1 8/28/2019 BHS Law Related Education Law II Chapter 19 The Law of Property Slide 12 D. 7 Ways to Acquire Property 1. The law recognizes 7 ways a person can acquire property; By contract By gift By accession (The right to all that one's own property produces) By intellectual labor By finding By occupancy (Taking possession of real or personal property, which has no known owner, with the intention of gaining ownership) By inheritance 12

E. Different Forms of Property Ownership CHAPTER 1 8/28/2019 Slide 13 BHS Law Related Education Law II Chapter 19 The Law of Property E. Different Forms of Property Ownership 1. There are two basic forms of property ownership: 1. Ownership in severalty-ownership of property by one person or one legal entity. 2. Co-ownership-ownership of property by one or more persons or one legal entities. There are four types of co-ownership recognized by law: a) Tenancy In Common b) Joint Tenancy c) Tenancy By The Entireties d) Community Property 13

V. Different Forms of Property Ownership CHAPTER 1 8/28/2019 Slide 14 BHS Law Related Education Law II Chapter 19 The Law of Property V. Different Forms of Property Ownership a) Tenancy In Common-title to property (usually real property, but it can apply to personal property) held by two or more persons. 1) Each has an "undivided interest" in the property. 2) All owners have an equal right to use the property, even if the percentage of interests are not equal. 3) There is no "right of survivorship." In the event one of the tenants in common dies, each interest may be separately sold, or willed to another. 14

V. Different Forms of Property Ownership CHAPTER 1 8/28/2019 Slide 15 BHS Law Related Education Law II Chapter 19 The Law of Property V. Different Forms of Property Ownership b) Joint Tenancy-title to real property which provides that each party owns an undivided interest in the entire parcel. 1) Both owners have the right to use all of the property. 2) There is a “right of survivorship”, which means that upon the death of one joint tenant, the other acquires full title. 15

V. Different Forms of Property Ownership CHAPTER 1 8/28/2019 Slide 16 BHS Law Related Education Law II Chapter 19 The Law of Property V. Different Forms of Property Ownership c) Tenancy By The Entireties-Joint possession of real property by a husband and wife who are viewed as one entity under the law. 1) Neither husband nor wife can convey the property without the consent of the other 2) There is a “right of survivorship”, which means the surviving spouse takes control of the property. 16

V. Different Forms of Property Ownership CHAPTER 1 8/28/2019 Slide 17 BHS Law Related Education Law II Chapter 19 The Law of Property V. Different Forms of Property Ownership c) Community Property-Joint possession of real and personal property by a husband and wife recognizing the equal contribution of both parties to a marriage even though one or the other may earn more income through employment. 1) All property and profits clearly trace-able to property owned before marriage, is separate property. 2) There is a “right of survivorship”, which means the surviving spouse takes control of the property. 17