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Recite the main points of the text.
Unit 12. The Nature and Classification of Business Property
Words to be learned.
tangible (property) ()
intangible (property) ()
transfer ,
enforcement
choses in action ; ,
negotiable , , ,
assignable c negotiable
debt
copyright
asset
real property
freehold
leasehold
chattel
chattels personal
choses in possession
assignable choses
shares
insurance policies
negotiable instruments
equitable ,
fee simple
inheritance ,
settlement ,
expectancy
grantor , ...
heir
reversionary interest ,
fee tail ,
descendant
tenant in tail ,
estate at will
tenancy
estate by sufferance
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transferee
unfettered
trustee
bona fide (.) ,
deed ,
mortgage ,
mortgagee
proceeds ,
easement ,
right of way ,
to abstract water
grazing
covenant ,
privity of contract
fee simple absolute
beneficiary ,
conveyancing
vendor ( )
encumbranc , ,
registry , ,
proprietor
interest in land
registered land ,
charges ,
overriding interest
to default
entry
Proprietorship Register
caution (against)
to contest
assignee
assignor , ,
bill of exchange
for value
in good faith
holder in due course
negotiable instruments
promissory notes
treasury bills
share warrants to bearer
debenture o
bankers draft
dividend warrant
bill of lading
legal tender
transaction ,
to honor (, )
to revive
liability ,
to sue
account payee (only)
indorsement
Intellectual Property Rights
brand name ,
branding
bidder , ( )
target company ,
megabrand ()
statute
Text for reading.
The Nature and Classification of Business Property
Business property takes many forms, both tangible and intangible, and is important for a firm in safeguarding its business and increasing its borrowing capacity. Tangible (or corporeal) property includes land and goods which are capable of physical possession and are called choses (or things) in possession and, in the case of goods, physical transfer; whereas intangible (or incorporeal) property rights are enjoyed through the enforcement of the rights of the owner. Intangible property, or choses (or things) in action, can be assignable or negotiable. Shares are choses in action and the shareholder derives no benefit from the share certificate itself, but from the rights it represents.
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Other examples are insurance policies, debts and all types of intellectual property: copyrights, patents and trade marks, which confer exclusive rights to commercial exploitation of intellectual property for a determined period of time. A company which develops a new product involving an inventive step protects that invention by registering a patent, and, in respect of books, music, artistic works and designs, the company can protect these by the laws protecting copyright and product design. A particularly valuable asset in relation to products and services is the identifying characteristics by which the consumers identify the product or service and select it in preference to another. These are protected through the law of trade marks.
The classification of property in England and Wales is shown in the following diagram: