Comprehensive Volume, 18 th Edition Chapter 22: Personal Property.

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Presentation transcript:

Comprehensive Volume, 18 th Edition Chapter 22: Personal Property

Personal Property Rights Personal property rights consist of whole or partial ownership rights in things that are tangible and movable as well as rights in things that are intangible. Property rights include the right to possess, use, enjoy or dispose of the property.

Acquisition of Personal Property Personal property may be acquired: By purchase By gift where the donor has intent to make a gift and delivers possession to the donee or makes a constructive delivery. By occupation (possession) and, under some statutes, by finding. The state may acquire property by escheat, which is the transfer of unclaimed goods from a (non-owner) holder to the state government.

An ordinary gift between two living persons is called an inter vivos gift. Both intent to give and delivery are required. Application: Smith owns the Irises. 1. He states, “This is for you, Michael,” and 2. Personally presents the painting to his son Michael. Michael becomes the owner. Unless the gift is disclaimed, title passes to donee. Van Gogh painting The Irises Intent and Delivery LawDonor Inter Vivos Gifts

Individual and Joint Ownership All rights in a property can be held by one individual, called being held in severalty. Ownership rights may be held concurrently by two or more individuals, in which case it is said to be held in cotenancy. The major forms of cotenancy are: (1) tenancy in common (2) joint tenancy (3) tenancy by entirety (4) community property

Types of Cotenancy Tenancy in Common Ownership by two or more persons; interest may be transferred or inherited (or bequeathed). Joint Tenancy Ownership by two or more persons; has right of survivorship, so when one joint tenant dies, the other(s) take the ownership share of the deceased. When ownership in a joint tenancy is transferred, a new joint tenancy is formed. Tenancy by Entirety Ownership by both a husband and wife; like joint tenancy, but only between spouses. In many states, divorce converts a tenancy by entirety into a tenancy in common.