Acquisition by Find Flashcards
Law of Finders
The finder of lost property has superior property rights to all the world except for the true owner
Who is a finder
1) Intent to possess the personal property
2) Must possess the property
What happens to true owner’s property rights?
If an owner loses or mislays personal property, he still retains title
How can a true owner get rid of their property? (5)
(1) Selling
(2) Gifting
(3) Lost
(4) Mislaid
(5) Abandon
What is mislaid property?
Owner voluntarily parts with property with the intention of retrieving it later, but which cannot be found
What is abandoned property?
Property that the owner has voluntarily relinquished without reference to any person or purpose – treated as if sold or gifted
Why does the law focus on the true owner? (3)
1) Law wants to uphold title
2) Law wants property to be used
3) Law does not want to incentivize theft
What is a bailment?
The lawful possession of the goods of another.
Title is NOT transferred
What are the elements of a Bailment? (3)
1) Possession – bailee has control over property and intent to control
2) Consent – bailee must consent to the bailment
3) Knowledge – bailee must have knowledge of the presence of personal property
Is a bailee responsible for concealed items?
NO
What kind of care must bailee exercise?
Ordinary reasonable care
What happens if bailee misdelivers?
Strictly Liable
