Tuesday, October 25, 2011

License, Bailment

Powers of the sovereign owner/gatekeeper
1. License: power to give permission to someone else to gain access to the property.
2. Bailment: power to transfer temporary custody of property to someone else.
3. Power to abandon/destroy property.
4. The power to transfer property to someone else, either by sale or as a gift.

1. Licenses
A “permission slip” from an owner of an asset to another person allowing the latter to gain access to the asset on certain terms. (A waiver of the owner’s right to exclude).
-Temporary and revocable.

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