Property Law and Intellectual Property Rights Flashcards
What is real property?
Land, building, anything permanently attached
Governed by common law
What is personal property?
Tangible movable property
Intangible assets - patents, receivables, stock, royalty rights
Governed by UCC
When is fixture considered real property?
Based upon:
Use
Intention of parties
How attached
How can ownership of personal property happen?
Take possession
Production through own effort
Accession - addition to property
Confusion - identical goods commingled
Mislaid property - finder is caretaker, does not have title
Lost property - finder takes title that is effective to anyone other than owner
Abandoned property - finder takes title effective even to owner
What does a deed need in order to be effective?
Names of grantor and grantee Intent Description Deed delivered to purchaser Grantor's signature Does not need to be recorded
What are three types of deeds?
Quitclaim - “as is”
Grant - transferor warrants they have done nothing to impair title, also called bargain/sale and special deed
Warranty - buyer gets full rights, also called general warranty deed
What are the types of interests in real property?
Fee simple - absolute ownership
Fee simple defeasible - subject to a condition
Life interest - term usually life of holder
Leaseholds
What is notice-race?
An earlier deed claim will win if either apply:
Later claimant knew about earlier claim
Earlier claimant records deed before later claimant
Later claim will only win if records first and did not know about first claim
What is tenancy in common?
Two or more people with separate interests in property
Upon death of co-owner interest goes to estate
What is joint tenancy?
Interests must be equal to time, title, interest, and possession (TTIP)
Upon death of co-owner interest automatically transferred to other joint tenants
What does a mortgage need in order to be effective?
Written
Description
Signed by debtor (mortgagor) and delivered to lender (mortgagee)
What are copyrights?
Protect creators of original works by giving them exclusive rights
Valid for life of creator plus 70 years
Fair use doctrine - allows reproduction for criticism, news, teaching, or research
What are patents?
Prevent someone other than patent holder from making, using, or offering item for sale
Types - Utility, design, plant patents
Utility and plant valid for 20 years, Design valid for 14 years
What are trademarks?
Protection given to a distinctive sign
Provided for 10 years, renewed in 10 year incremental periods indefinitely
