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.