Acquisition of Property Flashcards
What is acquisition by discovery?
Acquisition by discovery places the discoverer as the first possessor through a physical act or legal conlusion.
What is acquisition by Capture?
Challenge: Give brief description of relevant/precedential case
Unowned property that is captured belongs to capture.
Pierce v Post (Famous Fox)
Is Finder’s Keepers a real thing?
Challenge: What case can you think of in support of this ad its synopsis?
Yes. The prior possessor of the item always defeats the subsequent possessor. Finder has the most rights after the original owner UNLESS found int he soil or finder is an invitee/employee.
Armory v. Delemrie (Chimin-rella and the Ring)
When is property considered lost?
Property is considered lost if there is no knowledge that the item is missing
When is property considered mislaid?
A property is mislaid when the original owner placed an item own with intent to return to said item but forgot to do so.
When is property considered abandoned?
A property is abandoned when the true owner voluntarily relinquishes ownership.
What are the rights of tile to Lost, Mislaid and abandoned property?
The finder typically has possessory right of the lost item.
Mislaid property doss not belong tot the finder and finder has obligation o get property back to rightful owner.
Abandoned items belong to the finder
What is adverse possession?
Rest’s on the construct that “possession is nine-tenths of the law.” If certain elements are met on possession for a statutorily presented period of time, can turn into a title.
What are the elements for Adverse Possession?
O.C.E.A.N:
Open and Notorious
Continuous (tacking as long as possessors are in privity)
Exclusive Possession
Actual Entry
Non Permissive
- Majority, Obj. Standard: Acts and statement objectively appear to state a claim of ownership
- Minority, Good Faith: Must actually believe that entitlement to property
- Minority, Aggressive Trespass: Intentional wrongful occupation
What are gifts?
Voluntary Transfer of Title for no consideration.
What are the necessary elements of a gift?
Intent
Delivery
- Actual
- Symbolic/constructive
Acceptance
How many types of gift are there and how can personality be transferred?
Two Types of Gifts:
Inter vivos (most common) - Irrevocable gift made during the giver’s lifetime.
Cause Mortis - a gift received in anticipation of the giver’s death.
