tailieunhanh - Lecture Fundamentals of business law (7/e): Chapter 10 - M.L Barron

Chapter 10 - Property law: mortgages, leases and licenses. At the end of this chapter you should understand: the definition of the term ‘mortgage’ and the distinction between old title mortgages and Torrens system mortgages, the remedies available to a mortgagee if a mortgagor defaults, the definition of a personal property security,. | This is the prescribed textbook for your course. Available NOW at your campus bookstore! Property law: mortgages, leases and licences Chapter 10 Learning objectives At the end of this chapter you should understand: the definition of the term ‘mortgage’ and the distinction between old title mortgages and Torrens system mortgages the remedies available to a mortgagee if a mortgagor defaults the definition of a personal property security the statutory provisions for the registration of security interest in goods the terms ‘pledge’, ‘pawnbroker’, ‘lien’, ‘guarantee’, and ‘indemnity’ Learning objectives (cont.) the term ‘bailment’ and its differences from other legal relationships the difference between a gratuitous bailment and a non-gratuitous bailment the duties of bailees and bailors of goods the ways that a bailment may be terminated the liability of common carriers and innkeepers. Introduction People can hold an interest in real property. Often money is lent and real property is used as security for the loan. The resulting contract is called a mortgage. If personal property is used to secure a loan, a bill of sale is prepared. Alternatively, goods may be held by way of security. Bailment is the transfer of goods from one person to another with the intention that the goods will be returned to the owner at a later date. Distinction between real property and personal property Real property Land Items attached to land Leases Personal property Chattels that can be (not real property) possessed (tangible objects) Chattels that cannot be possessed (intangible objects) • interest in partnership • copyright • shares • trademarks Distinction between ownership of property and possession of property Ownership Person has legal rights over the property. Owners are said to have ‘title’ to the property. Possession Person has physical control over the property. For example, if one has ownership of property it means the owner has rights to sell, lease or gift that property, or . | This is the prescribed textbook for your course. Available NOW at your campus bookstore! Property law: mortgages, leases and licences Chapter 10 Learning objectives At the end of this chapter you should understand: the definition of the term ‘mortgage’ and the distinction between old title mortgages and Torrens system mortgages the remedies available to a mortgagee if a mortgagor defaults the definition of a personal property security the statutory provisions for the registration of security interest in goods the terms ‘pledge’, ‘pawnbroker’, ‘lien’, ‘guarantee’, and ‘indemnity’ Learning objectives (cont.) the term ‘bailment’ and its differences from other legal relationships the difference between a gratuitous bailment and a non-gratuitous bailment the duties of bailees and bailors of goods the ways that a bailment may be terminated the liability of common carriers and innkeepers. Introduction People can hold an interest in real property. Often money is lent and real property is .