Personal Property
P A E
T R
H C 23
“Few rich men own their
own property. The
property owns them.”
Robert Green Ingersoll, in an
address to the McKinley League,
New York City (October 29, 1896)
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Personal Property - Bussiness Law - Lecture Slides, Slides of Commercial Law
This lecture is from Business Law. Key important points are: Personal Property, Classifications, Nature, Acquiring Ownership, Public or Private, Real or Personal, Tangible, Intellectual Property, Intangible Personal Property, Tangible Personal Property
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2012/2013
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Personal Property
C H A P T E R 23
“Few rich men own their own property. The property owns them.” Robert Green Ingersoll, in an address to the McKinley League, New York City (October 29, 1896)
LEARNING OBJECTIVES
- nature & classifications of personal
property
- acquiring ownership of personal
property
- public or private
- real or personal
- tangible personal property
- intangible personal property
- intellectual property
PROPERTY CLASSIFICATIONS
• PATENT
- engine design, business methods
• TRADEMARK
- logo, trade name
• COPYRIGHT
- sales materials artwork
Types of Intellectual Property
Case Construction Equipment^ marketing materials for
- Distinctive mark, motto, device, or emblem that a manufacturer or service provider stamps, prints, or affixes to products it produces or services it performs to distinguish from those of competitors
- I.e. trade name, image, logo, and dress
- Applicable law: Lanham Act
- Registration with state or federal government recommended, but not required
TRADEMARK
- Intangible right granted by statute to the author
or creator of certain tangible literary or artistic
productions
- cannot copyright an “idea”
- registration not required, but recommended
- works created after 1/78 are given protection for life of author plus 70 years
- Applicable law: Copyright Protection Act and the Copyright Term Extension Act
COPYRIGHT
TRADE SECRETS
- Trade secret: any secret formula, pattern, process, program, device, method, technique, or database used in the owner’s business that gives the owner competitive advantage
- A firm must take reasonable measures to maintain secrecy
- Production
- Purchase
- Leasing
- Possession of unowned property
- Gift
ACQUIRING OWNERSHIP
RIGHTS OF FINDERS
- ABANDONED – finders keepers
- LOST – rights superior to all but owner
- MISLAID – none (possessor of real property holds personal property for owner)
GIFTS : THREE REQUIREMENTS
- DONOR INTENDS TO MAKE GIFT