Glossary of Property - Personal Property
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- Abandoned property
- movable property left by the owner with the intent to cease being the owner
- possessed by anyone who takes possession by occupancy
- Mislaid property
- intentionally placed where the owner can find it again, and forgets
- becomes custody of owner of premises upon which it found
- Lost property
- owner has involuntarily parted with through neglect, carelessness, or inadvertence
-determined by location of the property when it is found
- Treasure Trove
- applied to coin or money, gold, silver, bullion, found hidden in the earth or other private places, with the owner being unknown
- belongs to the finder
- no longer recognized (grouped with lost property)
- What are the exceptions to the rule that "the finder of lost property is entitled to the property against all the world"?
- - a trespasser
- property found in a highly private locus or private place
- buried articles
- What is "possession"?
- physical control coupled with an intention to assume dominion over the object
- What are the duties of the possessor of mislaid property?
- - acts as quasi-bailee
- reasonable means to discover the true owner until a reasonable time or statute of limitations has passed
- exercise of due care from damages
- What is a bailment?
- relationship created by transfer of possession of item of personal property by one to another for the accomplishment of a certain purpose
- What is the standard of care for a bailee?
- - reasonable care under all circumstances
- duty to redeliver or account for thing bailed in original form
- What actions can a BAILOR bring against BAILEE?
- - breach of contract
- tort action for damages
- (trover) conversion
- What are the BAILEE's rights of action?
- - conversion
- action for damages against 3rd party for damage, destruction, interference
(full recovery by BAILOR or BAILEE against party bars action by the other)
- What is VOID TITLE?
- no title, only possession is given
- What is VOIDABLE TITLE?
- both title and possession are given
- What is a bona fide purchaser?
- person who in good faith and without knowledge that sale to him is in violation of ownership rights purchases property in ordinary course from person in business of selling goods
- If bona fide purchase does not exist, what may prevent the owner from reasserting title?
- a detrimental, but reasonable reliance, on false communication
- What is conversion?
- an act or series of acts of wilful interference, without lawful justification, with an item of property in a manner inconsistent with another's right, that deprives another of the use and possession
- action for repossession of personal property wrongfully taken or detained by the defendant
- recovery of damages for the conversion of personal property, where damages are usually measured by the value of the property
- What is tacking?
- attach the times of adverse possession to subsequent possessors when possession comes through voluntary or legal transactions
- What must be established for an action for adverse possession?
- OCEAN Possession:
- What is the discovery rule?
- time begins when the plaintiff finds the name/location of the wrongdoer, if the plaintiff discovers information with due diligence and within reasonable time of the wrongdoing
- delaying the start of statutory period where a potential plaintiff is under disability at time action accrues
- What are the elements for a INTER VIVOS gift?
- 1) donative intent
3) acceptance of the gift
- Distinguish a causa mortis gift and a inter vivos gift.
- A causa mortis gift is motivated by a fear of imminent death.
- What are the elements of a causa mortis gift?
- 1) mental capacity
2) personal property
3) delivery and acceptance
4) anticipation of death
- Must the donor die of the cause feared by the donor to be valid?
- No. And the fear of death does not have to reasonable, just a threat to life.
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