2.2. Property law

2.2.1 Study these words before reading the text.

property – собственность, имущество

property law – вещное право, право собственности

tangible property – материальная собственность, имущество, в отличие от нематериальной, например интеллектуальной собственности

intangible – нематериальная собственность

real property = real estate = realty – недвижимое имущество

personal property = personalty – движимое имущество, личная собственность

intellectual property – интеллектуальная собственность

stocks – акции

debentures – облигации

patent – патент

copyright – авторское право

copyright reserved – авторское право сохранено

trademark – торговая марка

brand – марка, сорт, качество

fair dealing – честная сделка

title – право собственности

transfer of title – передача права собственности

deed – документ, устанавливающий или подтверждающий право на что-л.

title deed to land – документ, устанавливающий право собственности на землю

bill of sale – договор купли-продажи

heir – наследник

heiress – наследница

will – завещание

2.2.2 Read and translate the text.

Property law deals with property rights. In the legal sense, property is anything of value to which a person or business has sole right of ownership.

Within this broad general definition, property can be divided into four categories: tangible real property, tangible personal property, intangible personal property, and intellectual property.

Tangible real property (or real estate) is land and anything attached to it, for example, a house, a factory, and built-in machines within the house or factory.

Tangible personal property is any item that can be owned, bought, sold, or leased. Examples are money, cars, clothing, stereos, and cameras.

Intangible personal property cannot be seen but has written documentation. Examples are insurance policies, bank accounts, stocks and debentures, and trade secrets.

Intellectual property is property created through a person’s mental skills. Examples are software, books, articles, plays, music, and technology. Intellectual property is protected by patents, copyrights and trademarks.

A patent makes it illegal for others to manufacture or use the invention without permission. However, a patent will only be granted if the invention was not shown in public and if it has industrial application. Ideas cannot be patented.

Literature, computer programs, movies and radio and television programs, books, designs, photos, music cannot be patented, but they can be protected by copyright – an exclusive ownership right given to the creators of work of music, art, drama or literature, computer software and so on.

Another kind of intellectual property is a trademark – the legal right to use a brand name or symbol exclusively, such as M design of McDonald’s.

In recent years video recording, satellite television, and the use of computers made it difficult to control copying. The main purpose of recent laws is not to prevent copying, but to make people pay for doing so. But most legal systems allow a certain amount of copying even without asking permission. The concept of fair dealing allows to copy somebody’s work if this is done for private study. But it is not legal to make a large number of copies, for example, for a whole class of students.

Private property can be transferred to other people or firms through sale. Transfer of personal property is called transfer of title. However, most goods sold by businesses use a written bill of sale. Real property is sold by a written contract called deed. If the owner dies, his property passes to his heir or heiress. Many people make a will before their death. A will is a person’s declaration of how he wants his property used after his death.

Property rights are not always absolute and may be limited in certain ways. Owners of shorefront property may have to permit fishermen or other interested parties to walk to the river, lake, or ocean. Utility companies often have the right to run wire over private property or to lay cable or pipe under it. The government may claim private land to expand roads or erect public buildings, as long as it pays the owner a fair price.