3 methods of gaining and losing ownership in real property

Question 1

1) Capture of wild animal

Answer 1

Generally If you capture a wild animal and establish dominion and control if it you own it

A wild animal is not cattle or a domesticated animal

Question 2

However, the owner of a wild animal does not lose ownership if

Answer 2

1) the animal periodically wanders off and returns
2) the owner is actively attempting to recapture; or
3) the owner is marked the animal makes efforts to recapture

Question 3

If you capture a wild animal while trespassing on someone else land

Answer 3

That does not = dominion or control

Question 4

2) Creation

Answer 4

New property is created if
1) The work actually exists
2) the work is original
3) the work is “fixed” in a tangible medium of expression

Question 5

Copyright

Answer 5

Protects the creator’s property interest of an idea for 70 years.

It is created automatically when the 3 requirements are satisfied

Question 6

Patent

Answer 6

protects the creator’s property right in the application of an idea, after a creator files for a patent is lasts 20 years

Question 7

3) Conversion

Answer 7

Conversion is interference by one person with the ownership interest of another’s personal property.

Question 8

A BFP who takes lack of notice of the conversion gets good title if

Answer 8

1) The property is money or a negotiable instrument
2) The converter acquired tile by fraud in the inducement; or
3) The true owner ensured the goods to a merchant and the purchaser is a buyer in the ordinary course of the seller’s business