Property As A Bundle Of Property Case Study

A. Introduction:

After finishing part 5: Business Organizations, we start another topic of the law for business in part 6 about Property in general. In chapter 33, we will learn about:

I. The concept of ownership of property as a bundle of rights and types of property

II. Acquiring ownership rights in personal property

III. A bailment, duties and rights of the bailee and the bailor of personal property

IV. Special bailment situations

V. Case study: Kenyon v. Abel

B. Body:

I. The concept of ownership of property as a bundle of rights and types of property

1. A bundle of rights is a set of legal rights of possession, control, exclusion, enjoyment, and disposition that given to the real estate title holder.

2. Types of property:

- Public

For business, real property is immovable property that they own. E.g. land, buildings, crops, and mineral rights.

- Personal properties are those possessions are movable and owned by a person. They include tangible and intangible property.

a. Tangible property: is a thing that you can feel or touch. Business owns tangible personal properties such as office furniture, business equipment, goods, and vehicles.

b. Intangible property: is an item that is opposite with tangible’s definition such as: stocks, bonds, intellectual property, and money.

For example: since real property includes everything growing on my land, my real property includes my crops. Once cut, these crops become a moveable good. But while these crops are growing on my land, they are a part of my real property. (textbook)

II. Acquiring ownership rights in personal property

A. The property can be acquired

Gifts: The personal property is also classified by gift. Without consideration of payment, a donor gives a gift to a donee. Then, the donee can possess this title of the gift if it meets three elements: donative intent and delivery, accepted by donee.

- Types of gifts:

* Gifts inter vios are made between to living parties (p. 609).

* Gifts caus mortis are made in contemplation of impending death (p.609).

4. Uniform gifts to minors act: established methods for adults to make gifts of money to a minor.

5. Will or Inheritance: With a valid will, the person is named in it will possess the property of assignor after his/her death. Without a valid will, the property of a death person will be given to the heirs as provided in the state’s inheritance statute.

6. Confusion: when goods belong to different parties that are accidently intermixed and cannot separate. Thus, each party will share of the entire quantity of these goods.

7. Accession: the owner owns the increasing value of the original property after the original property added to or improved by natural or manufactured means.

B. Different rights of finders of abandoned, lost, and mislaid