14-15 Personal Property Flashcards
All property which is not real property
Moveable property
Interests less than complete ownership in land or rights to property
Personal property
Anything that may be owned
Property
Personal property that can be seen, touched, or grasped
Tangible personal property
- evidences of ownership of personal property, such as stock of corporations, checks, copyrights
- evidences of ownership of rights of values
Intangible personal property
Ownership by payment
Purchase
- an instrument executed with required formality by a person making disposition of his or her property to take effect upon his or her death
- document providing disposition of property after death
Will
A personal who dies without leaving a will
Intestate
Transfer of ownership of property without consideration
Gift
Person who makes a gift
Donor
Person who receives a gift
Donee
Acquisition of title to property that is attached to property already owned
Accession
- inseparable mixing of goods of different owners
- mixing of goods of different owners that under certain circumstances results in one of the owners becoming the owner of all the goods
Confusion of goods
Bringing property into actual being
Creation
Property produced by human innovation and creativity
Intellectual property
Absolute title to invention for 14 or 20 years
Patent
Exclusive rights given to author of songs, books, and compositions
Copyright
Word, symbol, device, or combination of them used to identify and distinguish the source of goods
Trademark
Secret, economically valuable information
Trade secret
Property discarded with no intention to reclaim
Abandoned property
To discard personal property with no intention to reclaim
Abandon
Property unintentionally left with no intention to discard
Lost property
the transfer of possession, but not the title, of personal property by one party to another, under agreement or condition that property will be returned
Bailment
The party who gives up possession, but not the title, of personal property in a bailment
Bailor
The party who acquires possession, but not the title, of personal property in a bailment
Bailee
Bailment imposed when a person finds and takes control of lose property
Constructive bailment
Tangible personal property left as security for a debt
Pawn
Intangible property serving as security for a debt
Pledge
- unauthorized exercise of ownership rights
- obtaining possession of property and converting it to one’s own use
Conversion
Transporter of goods, people, or both
Carrier
- those who transport only in particular instances and only for those they chose to contract with
- carrier that transports under special arrangements for a fee
Private carrier
- any carrier required by law to convey passengers or freight without refusal if the approved fare or charge is paid (i.e. airline, train, etc.)
- one that undertakes to transport without discrimination all who apply for service
Common carrier
One who ships goods by common carrier
Consignor
One to whom goods are shipped by common carrier
Consignee
- a contract existing between the consignor (shipper) and the carrier
- receipt and contract between consignor and carrier regarding terms of the contract of transportation
Bill of lading
Contract between and shipper and carrier requiring delivery of shipped goods only to consignee
Straight bill of lading
Contract allowing delivery of shipped goods to bearer
Order bill of lading
Articles necessary for personal convenience while traveling on common carriers
Baggage
One engaged in business of offering lodging to transient
Hotel keeper
Person in business to supply accommodations to permanent lodgers or boarders, as distinguished from transient guests
Boardinghouse keeper
Transient received y hotel for accommodations
Guest
