Acquisition by Find Flashcards
Acquisition by Find
Finders have a right to prevail against anyone other than the T.O. or prior possessors
Bailment
Transfer possession BUT not title
Duty of care for a bailee?
Negligence standard
Common Law Rule of Title
A seller cannot pass on better title than he has (pretty much a thief can’t pass on good title)
Void Title
Voidable Title
Common Law Merchant Exception
Where the T.O. entrusts a good with a merchant and then the merchant sells it to a BFP, the BFP takes good title
Merchant
Someone who deals of goods in this kind or otherwise holds himself out by occupation as having knowledge or skill peculiar to the goods involved
Bona fide purchaser
Someone who exchanges value for property without any reason to suspect irregularities in the transaction.
Common Law Exception: Goods Obtained by Fraud
T.O. of a Roman statue trades it to fraudster in exchange for Picasso painting (which is fake), fraudster sells statue to BFP, the BFP takes good title
What can the T.O. recover under these exceptions?
Monetary damages from the merchant/fraudster
Lost Property
Accidentally put down and left behind
1) Possession to finder
2) Ownership remains with T.O.
Mislaid Property
Purposefully put down and accidentally left behind
1) Possession: goes to locus owner (where property is found)
2) Ownership: remains with T.O.
Abandoned Property
Intentional relinquishment of ownership; reflects both intent and action to abandon
1) Possession and ownership: goes to finder
Treasure Trove
Buried for a long time; circumstances can assume T.O. is not coming back
