1st Assessment Flashcards
2 Types of Property
- Real Property
(Land) - Personal Property
(a) Personal - Chattel (b) Intangible - stocks, trusts, accounts
Unowned Property
Property that has never been owned or has been abandoned by the owner
Possession
Exercise Dominion + Control AND Intent to control + exclude all others from it
Property in animals / wild things
Mortal Wounding and effective trapping
(acquired by occupancy) , land owner, capture, labor, reasonable prospects
Pre-Possessory Interest
Actor undertakes significant BUT incomplete steps to
achieve possession of abandoned property + the effort is interrupted by the unlawful acts of others
Right of 1st Possession
Rule of capture (wild animals / abandoned) , reasonable prospect , pre-possessory , etc
Rights of Subsequent Possession
Possession is indicia of ownership, and rebuttable presumption exists that those in possession are rightly in possession - someone would have to overcome the presumption of ownership . Ownership is relative .
Lost Property
Involuntary parted / accidentally misplaced - Finder Wins (except true owner)
Mislaid Property
Intentionally placed and then forgotten where - - Landowner Wins (except true owner)
Abandoned Property
Relinquished all rights to property - 1st person to come along and claim / possess , owns it
Treasure Trove
Hidden gold, silver, currency with appearance of antiquity placed to be retrieved later - Finder Wins
Trespassing Finder
Landowner wins (lost , mislaid, + abandoned)
Embedded Property
Something Embedded in the dirt - Finder Wins
Bailment
A temporary transfer of ownership for a specific reason from Bailor to Bailee w/ the intent that the property will be returned at the end of that reason
Gift Elements
In Vivos (while living) Gifts :
- Capacity - mental + ownership
- Intend - to make present (immediate) irrevocable transfer of ownership
- Delivery - Transfer of possession to point of no return
(a) Actual physical
(b) Constructive - Acceptance - Presumed Unless Rejected