Section 8.1

Types of Property

Section 8.1 Types of Property

Personal property is anything that can be owned, other than real estate.

Real estate, or real property, is land and anything attached to it, such as a house and trees.

Section 8.1 Types of Property

Most personal property is acquired by:

purchasing it

receiving it as a gift

inheriting it

Section 8.1 Types of Property

If you find lost, misplaced, or abandoned property, you have a duty to find the owner.

If you cannot find the owner, you may be able to keep it.

Section 8.1 Types of Property

You do not have a right to keep stolen property even if you did not know it was stolen.

Title to stolen property never leaves the rightful owner.

Section 8.1 Types of Property

A special class of personal property is intellectual property.

Section 8.1 Types of Property

Intellectual property is an original work fixed in a tangible medium of expression, such as an image, an object, or writing.

Section 8.1 Types of Property

Examples of intellectual property include:

works of art

inventions

computer software programs

logos

Section 8.1 Types of Property

Owners of intellectual property can legally protect their property by obtaining:

a copyright

a patent

a trademark

Section 8.1 Types of Property

A copyright is an exclusive right granted to a writer, artist, composer, or photographer to reproduce and sell a work of art.

Section 8.1 Types of Property

A patent is an exclusive right granted to an inventor to make, use, or sell an invention.

Section 8.1 Types of Property

A trademark is a word, phrase, symbol, or design that identifies and distinguishes a product from other products.

TM