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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

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.

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:

 

 

 

 





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