Commercial Law: Property Definitions

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Real Property

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land and fixtures

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Personal Property

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all things not real

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Choses in Possession (Chattels)

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animate objects not part of reality

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Choses in Action

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Rights of action to enforce ownership

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Actions

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Include intellectual property

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Bailment

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when one person takes temporary possession of personal property owned by another

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Assignment

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method of transferring Choses in Action

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Copyright

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right to copy

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Infringement

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When another person without consent of the owner, does an act only the owner has a right to do

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Patents

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A government granted monopoly giving the producer the right to reproduce, sell or otherwise profit from an invention

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Trademarks

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any term, symbol, design or combination of these that identifies a business, business services or product and distinguishes it from the competition

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Trade Secrets

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particular kind of confidential info that gives a business a competitive advantage

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Industrial Design

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an artistic aspect

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Torte of Nuisance

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an activity that interferes with the ordinary comfort and enjoyment of land nearby

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Estates in Time

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According to the time during which the holder of the interest would have the right to exclusive right of possession of land

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Interests Less Than Estates

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According to the kind of use permitted or restricted on the land

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Fee Simple Estate

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Key estate

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Intestacy

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If someone dies without a will, property goes to heirs

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Escheat

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the reversion of the land to the Crown when the person who owns it dies intestate without heirs

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Life Estate

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the highest estate in land that a person in possession of a fee simple may grant without transferring the entire fee simple

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Reversion

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When the granter of the life estate reserves the balance of the fee simple for himself or his heirs after the estate ends

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Remainder

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When the balance of the fee simple goes to a 3rd party

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Lease Hold Estate

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A specific time period in which the land reverts back to the land owner

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Lessee

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individual to whom interest is granted

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Leasor

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the granter of the interest

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Concurrent Interest in Land

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2 or more persons become the owners of the land at the same time

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Tenant in Common

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Absence of special agreement, concurrent owners

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Joint Tenancy

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2 or more persons expressly create this estate at the time the property is granted or through expressed agreement

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Right of Survivorship

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the interest of a deceased joint tenant passes on death to the surviving tenant or tenants instead of going to the heirs of the deceased

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Severance

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Method by which the joint tenant may destroy the joint tenancy before death

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Condominiums

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statute permits granting a fee simple estate of individual units in multiple unit developments

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Easement

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a right enjoyed by one landowner over another for a special purpose

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Covenants

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restricting the use of land after it is sold