Acquisition and Loss of Right or Title to Personal Property

Question 1

Ownership

Answer 1

Belongs to the person who acquires actual or constructive dominion and control over it and has the intent to assert ownership

Question 2

Lost Property

Answer 2

Whether a reasonable person would judge that the owner had accidentally and involuntarily parted with possession of the property and does not know where to find it

The key factor is the place where property is found

Question 3

Mislaid Property

Answer 3

When it can be reasonably be determined that the property was intentionally placed there and thereafter forgotten; judge by the placed where found

Question 4

Abandoned Property

Answer 4

Where the owner intends to relinquish the property without intending transfer of title and carries out the intention by external act

Question 5

Finder of Lost/Mislaid Property

Answer 5

Has a right to possess against all but the true owner if the actual owner is not found within 6 months

Must first report and deliver the property to local law enforcement, after 6 months if unclaimed, returned to finder

Question 6

Rights and Duties of Possessor

Answer 6

Statutory duty to report
Duty to find the true owner
Duty of due care

Question 7

Uniform Unclaimed Property Act/ Safety Deposit Box Rule

Answer 7

Property in a safety deposit box is presumed abandoned if the owner does not claim or demonstrate an interest in it for three years. Property transfers to state

Question 8

Accession

Answer 8

Addition in value to property by the expenditure of labor or the addition of new materials

Question 9

Accession by Innocent Trespasser

Answer 9

Generally, owner retains title and trespasser cannot sue for compensation.

Exception: where species of property has completely changed or enhanced in value to a great extent, the owner may not recoup the chattel but may sue for damages

Question 10

Accession by Willful Trespasser

Answer 10

No ownership rights

Original owner entitled to property in improved state

Question 11

Known Contributions

Answer 11

Parties are tenants in common in proportion to their respective interests

Question 12

Unknown Contributions

Answer 12

If innocent, owners are tenants in common of the mass and share equally

If wrongful, the burden is on the wrongdoer to identify his goods or the entire mass belongs to the innocent party

Question 13

Replevin

Answer 13

Action to recover the chattel itself

Question 14

Trespass

Answer 14

Action to recover money damages incurred by reason of dispossession

Question 15

Conversion

Answer 15

Forced sale based on the value of the chattel as of the date of conversion and tutle becomes vested in the converter by operation of law

Question 16

Statutory Conversion

Answer 16

remedy against one who steals/embezzles/converts property to own use and/or one who buys/receives/aids in the concealment of stolen/embezzled/converted property with knowledge that the property is stolen/embezzled/converted

The party may recover 3x the amount of actual damages plus costs and reasonable atty fees

Question 17

Gift

Answer 17

A gift is a present voluntary transfer of property without any consideration or compensation

Question 18

Gift Inter Vivos

Answer 18

Requires:

1. Donative Intent- present mental capacity and intent to make an effective gift
2. Delivery

Question 19

Actual Physical Delivery

Answer 19

Donee has acquired dominion and control over the subject matter of the gift

Question 20

Constructive Delivery

Answer 20

Where impossible or impracticable to deliver an item, substitute delivery is proper where the donor surrenders as much control over the subject matter of the gift as he presently possesses

Question 21

Delivery by Written Instrument

Answer 21

Effectual if the writing manifests donative intent, describes the subject matter, signed by the donor, and is delivered

Question 22

Symbolic Delivery

Answer 22

When manual delivery is impossible/impracticable, the donor may hand over some object that is symbolic of the actual item

Question 23

Donee Already in Possession

Answer 23

If donee is already in possession of the article, donor need not repossess and return the article to donee

Question 24

Gift through Agent

Answer 24

If donee has an agent, the gift is effective when the donor delivers to the agent

If donor has an agent, the gift is effective when the agent delivers to the donee

Question 25

Checks and Promissory Notes

Answer 25

Delivery effective upon it being cashed

Exception: the check of another is physically delivered

Question 26

Stock Certificates and Life Insurance Policies

Answer 26

Physical delivery of shares/policy (certificates) with requisite donative intent is sufficient

Question 27

Bank Savings Deposits

Answer 27

Delivering a bank book to donee with intent to make a gift is sufficient symbolic delivery

Question 28

Joint Checking Accounts

Answer 28

Where both parties names on account, presumed that there is donative intent

Question 29

Acceptance of Donee

Answer 29

When beneficial to donee, acceptance is presumed. Can refuse acceptance by an affirmative act

Question 30

Gifts in Contemplation of Marriage

Answer 30

If marriage does not occur, gifts must be returned

Question 31

Gifts Causa Mortis/ Contemplation of Death

Answer 31

Requires:

1. Present Mental Capacity/Delivery/Acceptance
2. Gift must be personal property
3. Anticipation of Death
4. No revocation
5. Donor must die or else revoked

Always subject to claims of Donor creditors