Chapter 8 Real Personal and Intellectual Property (1)

Chapter 8: Real, Personal, and Intellectual Property

Overview

• Property can be categorized into three main types: Real Property, Personal Property, and Intellectual Property.

Real Property

• Definition: Land and everything permanently attached to it.

• Ownership Interest: Determines rights to the property.

• Key Rights:

  • Right to exclude others.

  • Right to sell, lease, and mortgage land.

  • The public rights include the right to take land (with just compensation), regulate it, and/or tax it.

Personal Property

• Definition: Tangible, movable objects.

Intellectual Property

• Definition: Consists of creations of the mind, protected by laws that encourage creativity rather than physical effort.

Real Property Rights

• Important Property Rights:

  • Exclusion rights.

  • Limited access rights to others.

  • Rights to sell, lease, mortgage.

• Public rights regarding private land:

  • Right to take land with compensation.

  • Right to regulate and tax.

Water and Mineral Rights

• Airspace above land considered part of real property.

• Water rights: legal ability to use water without depriving downstream landowners.

• Mineral rights: right to dig or mine from underneath the property; can transfer these rights.

Real Property Estates

• Types of Estates:

  • Fee Simple Absolute: Most complete ownership; can be inherited.

  • Conditional Estate: Ownership subject to conditions; interest ends if conditions fail.

  • Life Estate: Granted for a person's lifetime; rights terminate upon death.

  • Future Interest: Right to property ownership and possession in the future.

  • Leasehold: Possessory interest but not ownership, governed by a lease.

Non-Possessory Interests

• Easements: Right to use part of another's land for a specific purpose.

• Profits: Right to use another's land for taking product.

• License: Temporary and revocable right to use another's property.

Real Property Transfer Procedure

• Steps to Transfer Property:

  • Grantor executes deed.

  • Grantor delivers deed to Grantee.

  • Grantee accepts deed.

  • Grantee records the deed to protect interest.

Adverse Possession

• Definition: Acquisition of ownership by treating property as one's own without permission.

• Must be:

  • Actual (live on/use land as an owner).

  • Open (not secretive).

  • Notorious (without owner's permission).

Time Limits for Adverse Possession**:

• Three-Year Limit under Texas law for peaceable, adverse possession.

• Five-Year Limit: If property is cultivated, taxes paid, and under a registered deed.

• Ten-Year Limit: Without title, possession limited to 160 acres.

• Twenty-Five-Year Limit: For individuals under legal disability or with recorded instruments.

Condemnation of Real Property

• Definition: Legal transfer of property against owner’s will (eminent domain).

• Government's right to take private property for public use with fair compensation.

Texas Constitution on Property

• No property taken without adequate compensation unless consented.

• Denotes conditions under which property can be taken.

Personal Property

• Types:

  • Tangible: Can be identified by senses (e.g., books, cars).

  • Intangible: Cannot be physically sensed (e.g., stocks, bank accounts).

Voluntary Transfer of Personal Property

• Definition of Title: Ownership of property.

• Transfers via sale or gift.

• Elements of a Gift:

  • Delivery.

  • Donative intent.

  • Acceptance.

Involuntary Transfer of Personal Property

• Methods:

  • Abandonment: Owner discards items; new possessor owns.

  • Loss: Owner unintentionally leaves item.

  • Mislaying: Owner intentionally leaves item but forgets its location; new owner is property owner where it’s left.

Other Ways to Acquire Personal Property

• Through creation, court order, or confusion (fungible goods).

Intellectual Property

• Types:

  • Trademark: Distinctive sign or design that identifies goods.

  • Copyright: Protects expression of ideas in tangible form.

  • Patent: Protects inventions and processes.

  • Trade Secret: Information that provides a competitive advantage.

Trademark

• Defined as a mark that identifies and distinguishes products.

• Trade dress also offers protection for product appearance.

Copyright

• Protects creative works such as books, music, and films.

• Criteria for copyrightable work: must be fixed, original, and creative.

• Fair-use doctrine allows limited reproduction for specified purposes.

Patent Criteria and Rights

• Must be novel, useful, and non-obvious.

• Exclusive rights granted for 20 years from application date.

• Risks of patent include public domain post-expiration and potential challenges to the patent.

Trade Secret

• Regarded as competitive advantage information, protected as long as it remains confidential.

Patent vs. Trade Secret

• Patent grants a temporary monopoly, while trade secret can last indefinitely, but risks include lawful discovery by competitors.

Conclusion

• Understanding the different types of property and their legal nuances is crucial for navigating rights and ownership in both personal and real estate contexts.