Personal Property (Finders)

Question 1

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Lost Property

Answer 1

Property that the owner of the property parted with unintentionally and involuntarily

Question 2

Lost Property

Finders Rule

Answer 2

The Finder has superior claim to all but the true Owner.

Armory v. Delamire (vindicating finders right to a lost jewel over the jeweler who sold it, and requiring jeweler to compensate the finder with a jewel of the finest water).

Question 3

Mislaid Property

Answer 3

Property the owner of the property unintentionally forgot after intentionally and voluntarily plaing it somewhere.

Question 4

Mislaid Property

Locus in Quo

Answer 4

Mislayed property stays with the owner of the Locus in Quo

Locus in Quo = place where item was mislaid

McAvoy v. Medina (holding mislaid wallet should stay with the owner of the shop where it was found, not with the finder).

Question 5

Abandoned Property

Answer 5

Property that the owner of the property knowingly relinquished all right, title, and interest to.

left behind, gave up, etc.

Some states apply Finder Rule
Some states confer abandoned property to the State.

Question 6

Treasure Trove

Answer 6

Property the owner of the property concealed in a hidden location a long time ago.

Majority approach apply constructive possession (policy concern of encouraging trespass)
Minority approach apply finders law

Question 7

Abandoned Shipwreck Act of 1987

Answer 7

Abandoned shipwrecks found within 3 miles of a state, belong to that State.

Question 8

Salvage Law

Answer 8

Entitles the Finder to a reward when he finds a shipwreck, but not ownership.

Question 9

Constructive Possession

Answer 9

The owner of the real property has constructive possession over all lost, mislaid, or abandoned property found on their real property.

Benjamin v. Lindner Aviation (giving cash concealed in a plane to the owner of the plane, not the owner of the hanger where it was stored, nor the inspector who found it) but see Hannah v. Peel (giving finder possession of a broach found in P’s home because P didn’t live or even visit the house and Finder acted honestly in reporting the broach to the authorities).

Question 10

Bailment

Answer 10

The rightful possession of goods by one who is not the owner of the property.

Question 11

Bailor

Answer 11

Is the owner of the property who gives possession of their property to another party

Question 12

Bailee

Answer 12

The party who takes prossesion of the Bailor’s property

Question 13

Mutal Benefit

Answer 13

Bailee has the duty to take reasonable care of the Bailor’s property

Question 14

Benefit of the Bailee

Answer 14

The Bailee has a duty to take extraordinary care of the Bailor’s property.

Question 15

Benefit of the Bailor

Answer 15

The Bailee is only liable if she damages the Bailor’s property with gross negligence or bad faith.