Basic Vocabulary Flashcards
Bailment
Rightful possession of goods by one who is not the owner. Ex: Keys to valet.
What are the 3 types of Bailment?
a. mutual benefit of both bailor and bailee: duty of reasonable care
b. primary benefit of bailee: extraordinary care
c. primary benefit of bailor: responsible for damage, bad faith, gross negligence
animus revertendi
“With intention to return” - exception to the rule of capture - domesticated v. wild animal when they wander onto stranger’s property
rationale soli
common-law right to take wild animals found on one’s own land
stability to title
core property right concept. P rights should be certain and predictable.
Alienability
Right to transfer - cornerstone of American P system
Chain of Title
succession of ownership over time
Trespass
The act of stepping over property line
Chattel
Tangible personal property
Personal Property
Anything but real property
Adverse Possession
A valuable claim to acquire title by conduct outside of the retail market for land that commences at trespass. Once all the AP elements are met the claim is perfected and recorded.
Voidable title
Presumed good title subject to challenge. Potentially bad title.
Bona fide purchaser
GF purchaser
Demand and refusal rule
Ny approach (O’keefe) - S/L is tolled until TO demands the a return of property from GF purchaser
Marketable Title
You can transfer T on a retail market or FMV. Warranty for purchasers.
