Exam 36: Personal Property

Essentially, real property is moveable, while personal property is not.

Don owns factory machinery and the tools to service it, as well as office furniture, including computers. Emily owns trademarks that identify certain products, and stock in the company that sells those products. Personal property includes items owned by

On the death of an owner in fee simple, his or her interest in property passes to the state.

With respect to property, the law defines the right to

Wild animals in their natural state belong to no one.

Lauren owns a 1967 Ford Mustang, which Mike customizes and details to Lauren's specifications. The car earns several awards at regional vehicle customizing competition shows. The result of Mike's efforts is

A finder of lost property can claim title to it against the whole world, including the true owner.

In a tenancy in common , each co-owner owns an undivided, fractional interest in the property.

Someone who finds abandoned property acquires title to it.

Emily owns Fertile Farm. Emily's only son Geraldo owns the adjacent Hillside Orchard. Emily makes a gift of the farm to Ida, a short-term employee. This gift may lack the required element of

Sara owns a ring. She asks Tomas, a jeweler, to add a diamond to it. Adding the diamond will increase the value of the ring. This is

Manufacturers who produce personal property thereby acquire title to it.

After shopping at a Cut-Price store, Dyan finds a smart watch in her bag of purchases that she knows she did not pay for. If Dyan fails to return the watch to the store or to pay for it, she will have committed

Nero and Omar agree to buy natural gas to sell to Power Refinery and to share storage costs until the refinery can take delivery. The gas is commingled so that Nero's cannot be distinguished from Omar's. This is

Rob steals a damaged, broken bike that is parked, unlocked, in a bike rack. He repairs, paints, and replaces parts on the bike until it is like new. The original owner, Sue, then claims it. The bike belongs to

Intangible personal property has no real physical existence.

While trespassing on Nan's ranch land, Owen tracks, and shoots, a wolf in violation of state wild game statutes. This wolf is the property of

The law defines the right to use, and to sell or dispose of it.

The delivery of intangible property is always accomplished by constructive delivery.

Fred and Joanne are married. Joanne purchases a car. Fred and Joanne each technically own an undivided one-half interest in the car. In several states, this is