CH 47 - Personal Property & Bailments Flashcards
Fixtures vs Trade Fixtures
Fixtures: item of personal property that is attached to real property in such a way that it becomes part of the property
trade fixture: deals with commercial business setting; when you attach fixture to bought or rented property
-can remove as long as not damaging property
property ownership
Fee simple:(best type) you own fully, all rights
concurrent forms of ownership
tenancy in common: co-owner of property, 2 or more people own undivided interest; when die goes to heir
joint tenancy: co-owner btwn 2 or more people own undivided interest; when die goes to surviving joint tenant
tenancy by entirety: APPLIES TO SPOUSES ONLY, neither party can transfer ownership without consent of other
acquiring ownership of personal property
possession: finder’s keepers
production: make something (song, poem)
receiving gifts: voluntary transfer of ownership
elements of gifts
- delivery: donor must give to donee
- has to be intent
- acceptance
gifts: inter vivos & causa mortis
inter vivos: gift made while someone is alive during their lifetime
causa mortis: gift while alive but made in contemplation of immanent death
lost, mislaid, abandoned property
lost: involuntarily left, finder can acquire title EXCEPT from true owner
mislaid: an item voluntarily placed but inadvertently forgotten. finder DOES NOT OBTAIN title. holds in trust for true owner
abandoned: voluntarily discarded, no intention of recovery; finder can obtain title above ALL
bailments
when personal property of one person is entrusted to another who has the obligation to return it
personal property requirement (3)
must be personal property. NO REAL property
the bailee must have exclusive possession and control over the property
must be a bailment agreement
ordinary bailments
bailment for soul benefit of bailor: bailee is liable for GROSS negligence
bailment for soul benefit of bailee: bailee is liable for EVEN SLIGHT negligence
Mutual benefit bailment: bailor agrees to pay bailee, bailee agrees to full service
Bailor Rights
right to know property will be taken care of
right to know their property will be used as expected
right to know bailee will not convert your goods (like theft)
Bailor Duties
duty to notify of defects in property
duty to notify of ALL KNOWN defects(applies to soul benefit of bailee)
duty to notify of ALL KNOWN AND charged with knowing things that could go wrong (applies to mutual benefit bailment)
Bailee Rights
right to temporary control and possess property
at times, bailee able to use property
right to be paid at times
right to limit their liability
termination of bailments
when property is returned or taken back
special types of bailments
common carriers: held strictly liable for bailment property EXCEPT if you dont package the right way
warehouse companies: people who provide storage are NOT strictly liable BUT held to higher standard of care
innkeepers: strictly liable for bailment property of guest
