Personal Property and Bailments

Matt M., Kevin P., Robert S., Melissa B.Chapter 19

Personal Property• Personal Property is anything that

can be owned other than real estate.• Personal property - property that

has substance and can be touched.• Intangible personal property -

property that has no substance and cannot be touched.

Gifts of Personal Property

• Requirements of a completed gift.• Donor must intend to make the gift• Gift must be delivered• Donee must accept the gift

Lost Property• Finder of lost property has a legal

duty to return the property to the owner if they can be found.

• If owner cannot be found, person may keep the property.

Local Laws• Come cities have laws that require

certain handling of lost & found items.

• Like having to turn in found items to the local authorities for the owner to claim.

Rewards and Reimbursement

• Finders of lost property are entitled to any reward offered.

• The finder is entitled to reimbursement of any expenses in the process of returning the property.

Misplaced Property

• Property is found in a public or semipublic place, it is considered misplaced.

• Must be returned to proprietor.• Proprietor must return to rightful

owner.

Intellectual Property• intellectual property - original

work fixed in a tangible medium of expression.• Patents• Copyrights • Trademarks

Patents • patent - exclusive right granted by

the government to make, use, or sell an invention.

• Requirements for a Patent• must consist of a new principal or

idea• must be useful and not obvious to

skilled people in that field

Copyrights

• copyright - right granted to exclusively publish and sell artistic or literary work

• Copyrights are given to:• Authors• Composers• Photographers• Artists

Copyright Cont.

• Copyrights good for the life of the author +70 years.

Trademarks

• trademark - distinctive mark, symbol, or slogan used to identify goods and distinguish them from products by others

• Good for 10 years and may be renewed for 10 year periods

Trademarks Cont.

• Established by:• Usage• State Trademark Laws• Registering with U.S Patent Office

Bailments of Personal Property

• bailment - agreement created by the delivery of personal property• bailee - have someone else's

possessions• bailor- if someone else has your

possessions

Principal Types of Bailments

• Types of Bailments• Mutual-Benefit Bailments• Service or Repair• Storage• Parking a Car in a Parking Lot

Principal Types of Bailments Cont.

• Types of Bailments Cont.• Security For a Loan• Renting Goods From Others• Bailments by Necessity• Gratuitous Bailments

Mutual-Benefit Bailments

• When bailor and bailee receive some benefit.

• More common types:• To be serviced or repaired• To be stored• As security for a loan• Out of necessity• Rental or lease agreement

Gratuitous Bailments

• A bailment given free of charge• Two types of bailments:

• Bailor lends good to the bailee without charge

• Bailee takes possession of goods for bailor for safe keeping for free

Rights and Duties in Bailments

• Each sides duties are closely related and completely opposite of the other.

Rights and Duties of the Bailor

• Rights:• To receive services or money

contracted for• Protection of goods by the use of

reasonable care• Return of goods when performed and

payment tendered

Rights and Duties of the Bailor Cont.

• Duties:• Pay for services or storage costs. • Warn Bailee of possible danger• Give notice of special care when

needed• Pick up goods within a reasonable

time of completion

Rights and Duties of the Bailee

• Duties:• If sole benefit of bailee

• great care• responsible for slight negligence

• If sole benefit of bailor• slight care• responsible for gross negligence

Rights and Duties of the Bailee Cont.• Must always exercise reasonable

care• Must comply to contract• May put lien on property

• may hold property until payment

• tortious bailee - one who wrongfully retains possession of lost or stolen property

Burden of Proof

• Plaintiff has burden of proof in bailment cases• must prove defendant was negligent

Vocabulary

• donor• bailor• bailment• intellectual property• tangible personal property• intangible personal property• mutual-benefit agreement

Vocabulary Cont.

• gratuitous bailment• donee• bailee