NY Personal Property
Terms
undefined, object
copy deck
- Lost Property Rule
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True owner always has superior right to reclaim the object but if someone else finds it there are rules:
1) If the property has a value of under $20, the finder is legally obligated to make a reasonable effort to locate the owner and if after 1 year the owner is not found then the finder gets to keep the property.
2) If the property is worth more than $20 then you have to turn the item over the police and then the police must hold it for a specified period which varies depending on the value of the item – range from 3 months to 3 years depending on if the object is worth more than $3000 dollars. If the owner does not come in that amount of time then the finder can go back to the police and get the item back. - Abandoned Property Rule
- Finder's Keepers
- Inter-vivos Gifts
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Made while you are alive
To keep donor from getting gift back:
1) Donor must have a subjective donative intent – desire to pass title, not merely to turn over possession
2) There must be acceptance from the donee or recipient – silence is considered enough to signal acceptance. Only have no acceptance if donee rejects it.
3) Objective component of gifting = valid delivery – something physical needs to be handed over, either the item itself or something symbolic of the item (like keys/title to a car) - Inter-vivos Gifts: Special Delivery Situations
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1) First party Check paid to the owner of the donee, singed from the donor – handing over check does not constitute delivery as delivery is only accomplished when the check is cashed – donor legally can stop payment
2) A third party check endorsed over is immediately a completed gift as the person giving it to you cannot stop payment
3) Stock certificates are delivered the minute they are handed over
4) Agents can complicate delivery analysis – need to look to see who’s agent it is. If agent of the donor, then delivery is final when the agent gives up the object to the donee. If agent of the donee, once give it to the agent then delivery is final. - Gift Causa Mortis (in contemplation of death)
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1) Generally this is done under extreme circumstances and need evidence of an imminent risk of death objectively likely to occur
2) Gift is not valid if the donee dies first
3) Donor has to die - Lien
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Primitive Security Device/Interest
Elements:
1) Debt (usually related to services performed)
2) Debtor has legal claim to the property
3) Creditor will have possession of the item
These circumstances create a lien – can hold onto the property until you pay for the service - Special Lien
- The right to retain a particular item because a particular work or improvement or repair was performed on that item (one item at issue). Turning back the property releases the lien.
- General Lien
- The right to retain a bunch of property for a general balance due. Release of some of the property does not give up the general lien.
- Bailment
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Created whenever you relinquish possession of something but retain title to it – give object to someone else. Can be done for money or gratuitously, can be for your benefit, someone else’s, or both.
Bailee is supposed to take good care of the property and will be held liable if there is harm to the object. But, big issue is when the object contains other objects within it. Generally, anything normally within the item is also in the scope of the bailment. If its something not likely to be there, then not included. - Bailment: Examples
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1) Safe deposit boxes at banks: Everything in the box is part of the bailment and bailee is liable for all the contents = whole point of the box.
2) Parking Lot: If it is a Park and Lock situation and you keep the keys then its not a bailment because they cant do anything with your car, that is just a lease of space. If you turn over your key, that creates a bailment.
3) Coat Check: Definitely creates a bailment but the liability of the bailee is statutorily limited. If it is a gratuitous coat check, it is free, then the maximum you can get is $200. There are higher amounts if you pay a fee, sometimes up to the actual value of the item.
Can limit liability through exculpatory clause though it requires giving the other party notice/negotiation and a total bar on liability is usually unpermitted