Real and Intellectual Properties

Today in America, we work hard every day trying to inch closer and closer to that Dream of realizing the fullness of the promise, which is Ownership. Ownership of properties is not only a dream but also literally a right of passage in America that symbolizes newfound stature and success. In our society, these symbols have come under fire by those who would seek to take that away called the “Plaintiff”. This new stature comes in many forms but today we will talk about two that are in the most jeopardy and require legal protections, in the form of either Real Property, or Intellectual Property.

Real property (or realty) is a legal term for one of the two main classes of property in the common law, the other class being personal property (or personality). Although the precise definition of real property varies between jurisdictions, it usually encompasses land, rights over land and building or fixtures on land. Real property roughly, but not precisely, corresponds to the concept of immovable property in Civil law systems. Second is Intellectual property.

Intellectual property (IP) is a legal term that refers to creations of the mind such as musical, literary, and artistic works; inventions; and symbols, names, images, and designs used in commerce, including copyrights, trademarks, patents, and related rights. Under intellectual property law, the holder of one of these abstract “properties” has certain exclusive rights to the creative work, commercial symbol, or invention, which is covered by it.

The best and most common example of this type of property in America comes in the form of media, either music or movie entertainment. Let us take a moment and talk about the issues surrounding both of these property types and why they require the protections of our legal system. We will start with Real Property. The path to realizing the dream with real property is a hot topic today as many on the path to this realization have found roadblocks in the form of unfair lending practices.

In a story (Torres, 2007) entitled “Regulators Quiet as Lenders `Targeted’ Minorities (Update1)” stated, “so-called subprime mortgage lenders apparently targeted racial minority groups for home loans with unfavorable terms. However, government regulators reportedly stood by and did nothing to stop them from violating numerous laws including fair-lending rules against redlining. Now, as the real estate market slows down, these same borrowers are disproportionately facing foreclosures, due at least in part to the more onerous terms of their loans”.

Not only were their rights as citizens who deserve a better life, and deserve to own real property violated but it was literally ripped away from them with unfair, predatory lending practices. Worst of all the Blooberg. com (2007) reported, “The U. S. agencies that supervise more than 8,000 banks haven’t censured any of them for violating fair-lending laws, three years after Federal Reserve researchers began assembling data showing blacks and Hispanics are more likely than whites to be saddled with high-priced home loans”.

The United States has termed real property, as this is just an example of how the zeal to implement laws in our government does not guarantee protection from such events and actions. Now let us take a moment and talk about obstacles facing those owning and sharing their intellectual properties. According to (Oshinsky, 2005) Theft is the biggest issue faced within this product. In common law, theft requires deprivation of the rightful owner of his or her rights to possess, use, or destroy property.

In theft of intellectual property, unauthorized use of intellectual property is then seen as a violation of the fundamental bargain, making the original deprivation of possession wrongful and requiring the public to act to make the good on the bargain by enforcing the rights it originally granted. Example, Joe buys Jane’s bicycle but pays with a bad check so who protects Jane against the loss? Today in the world of intellectual creativity there are organizations out there that protects the rights and property of writers, artist, comedians, etc…

The name of such an organization is called NAMM. NAMM, the National Association of Music Merchants. NAMM protects and condemns copyright infringement and counterfeiting. NAMM is committed to the principle that intellectual property rights are to be respected, and that the use of intellectual property rights without the consent of the owner or otherwise pursuant to law violates rights of authors, inventors, and corporations. Copyrights, trademarks, patents, and other forms of intellectual property are protected by state and federal laws in the United States and by the laws of other countries.

Courts have imposed large damage awards for intellectual property misuse and infringement. The process of gathering information and assessing the merits, issues, and risks associated with a business transaction is called “due diligence”. Others point out that the law itself treats these rights differently than those involving physical property. To give three examples from US law, copyright infringement is not punishable by laws against theft or trespass, but rather by an entirely different set of laws with different penalties.

Patent infringement is not a criminal offense although it may subject the infringer to civil liability. Willfully possessing stolen physical goods is a criminal offense while mere possessing of goods, which infringe on copyright is not. Furthermore, in the United States physical property laws are generally part of state law, while copyright law is in the main measure federal (Oshinsky, 2005). In closing, there are two types of valuable assets that we have the power to amass and they are found in our real and intellectual properties.

These properties are protected by our legal system and are constantl under fire and being found at risk of being taken from us. This is so impactful to every American because no one is immune to it whether rich or poor. In America we are emplored to go after our dreams and these assets many times are both our symbols of stature in today’s society and our tickets to a better life!

References (Oshinsky, 2005) Due Diligence In Business Transactions Involving Intellectual Property Assets, http://jobfunctions. bnet. com/whitepaper. aspx?

docid=77364 Retrieved on March 6, 2008. (Coombe, 2005) Cultural Rights And Intellectual Property Debates, http://www. cceia. org/resources/publications/dialogue/2_12/section_3/5152. html, retrieved on March 6, 2008. (Neil, 2007) ABA Journal Law News Now, http://www. abajournal. com/news/reports_lax_regulators_let_lenders_illegally_target_racial_m inorities/. Retrieved on March 6, 2008. (Torres, 2007) Regulators Quiet as Lenders `Targeted’ Minorities (Update1/, http://www. bloomberg. com/apps/news? pid=20601109&sid=a6F6StSPKNig&refer=home, Retrieved on March 6, 2008.