Ch 17/18 - Property Law Flashcards
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
bailment
temporary transfer of possession of personal property from one person to another
bailor
the owner of property who transfers possession in a bailment
bailee
person who receives possession in a bailment
bailment for value
bailment involving payment for use of property or a service
gratuitous bailment
bailment that involves no payment
warehouseman
a bailee who stores personal property
carrier
a bailee who transports personal property
innkeeper
someone who offers lodging to the public
Chattel lease
a contract where a lessee pays for the use of a lessor’s tangible personal property
operating lease
a lease where the property is returned to the lessor when the term is up
financing lease
lease that enables the lessee to finance the acquisition of tangible personal property
lien
the right to retain possession of personal property until payment for service is received