interest of Skinner’s cattle. Skinner sold his cattle but did not pay Hennessey for any of the profits of the sale. Holding: The purchase of the interest in cattle constitute goods for covered by DTPA. Court said he did not buy a partnership interest which “use” would be considered an intangible, but rather he was purchasing a number of cows thus a Rule: “good” For use includes for purely resale reasons. – For use includes as breeding stock. – Intangibles Attorney can always sue, versus private trial of action under DTPA. Terms chattels” and property” include nearly everything except “tangible “real “intangibles.” Intangible property is that has no intrinsic value but is merely the representative or evidence of value. Thus the act has been held not to apply to: Accounts receivable, Stock, Option contracts, Certificates of deposit, The proceeds of an insurance policy, marks, A limited partnership interest, or A lottery ticket Foreign Currency Purchase = a good. Riverside National Bank v. Lewis: Riverside Bank said it would give loan officer another loan to pay off old loan at Allied Bank. Holding: Lewis was not a in the “consumer” instant transaction. court correctly denied recovery under the DTPA. Money Rule: is NOT a tangible chattel or as defined by the DTPA. Rather Money is properly “goods” characterized as a currency of exchange that enables the holder to acquire goods. Lewis did NOT seek or acquire any in his transaction with Riverside Bank. An “services” attempt to borrow money is NOT an attempt to acquire either work or labor as contemplated in the DTPA. Flenniken v. Longview Bank & Trust Co.: Flennikens had a lien contract for construction of their home by Easterwood. Mechanics (Easterwood's) lien was assigned to the bank. Basically bank was financing the construction. However, Easterwood abandoned the construction. Bank and Flennikens got in a dispute about
interest of Skinner’s cattle. Skinner sold his cattle but did not pay Hennessey for any of the profits of the sale. Holding: The purchase of the interest in cattle constitute goods for “use” covered by DTPA. Court said he did not buy a partnership interest which would be considered an intangible, but rather he was purchasing a number of cows thus a “good” Rule: For use – includes for purely resale reasons. For use – includes as breeding stock. Intangibles Attorney can always sue, versus private of action under DTPA. Terms “tangible chattels” and “real property” include nearly everything except “intangibles.” Intangible property is that has no intrinsic value but is merely the representative or evidence of value. Thus the act has been held not to apply to: Accounts receivable, Stock, Option contracts, Certificates of deposit, The proceeds of an insurance policy, marks, A limited partnership interest, or A lottery ticket Foreign Currency Purchase = a good. Riverside National Bank v. Lewis: Riverside Bank said it would give loan officer another loan to pay off old loan at Allied Bank. Holding: Lewis was not a “consumer” in the instant transaction. court correctly denied recovery under the DTPA. Rule: Money is NOT a tangible chattel or “goods” as defined by the DTPA. Rather Money is properly characterized as a currency of exchange that enables the holder to acquire goods. Lewis did NOT seek or acquire any “services” in his transaction with Riverside Bank. An attempt to borrow money is NOT an attempt to acquire either work or labor as contemplated in the DTPA. Flenniken v. Longview Bank & Trust Co.: Flennikens had a lien contract for construction of their home by Easterwood. Mechanics (Easterwood's) lien was assigned to the bank. Basically bank was financing the construction. However, Easterwood abandoned the construction. Bank and Flennikens got in a dispute about trial