Concepts Of Personal Property Flashcards
If you add real and persona property together what do you get
All property you have
What is real property
Land and all things built on land
What is meant by personal property being a residual class of property
That personal property is what is left after we subtract land and buildings from all propety
What are the differences between real and personal property in the eyes if the law
Historically you could inly get back teal property although now it can be a ruling in response to torts for personal as well. Nowadays they mostly differ in the sense that transfer of ownership requires more formality for real property and special performances are more often ordered at contractual breach regarding real property
Into which groups may personal property be divided
Chattels real and chattels personal
What is chattels real property
Leases of land aka almost real preopety
What is chattels personal property
Everything that is not leases of land or other chattels real ptoperty
What are the main types of chattels personal property
Tangible movable and intangible movable
What type of property is goods and money
Tangible movable chattle personal property
What are documentary intangibles
They evidence an underlying right to money, goods or securities and embody that right such as a trade contract or a deed to a house
If you deliver a documentary intangible together with some necessary endorsement what is the result
Transfer of ownership
Name some examples of pure intangibles
Copyright, debts and good will. Everything that is not a documentary intangible but is still intangible property
Is intellectual property such as patents, copyright and trademarks different from other pure intangibles
Yes but the book won’t ho into details
Is property a thing
No its a relationship, a right to a thing
Can there be multiple non conflicting claims to an object of property
Yes, a house may belong to a person, their spouse, the bank and a land lord at the same time
Does anyone ever fully own something
It is rare that people have exclusive legal right to do whatever they want with something
What are the subjects of property
The people who owns the object of their property
How has the rights of the subjects if property changed
In the past serfs and women have been excluded from property rights, now some people advocate for some disadvantaged groups to gain superior rights to the property they are associated with such as tenants want more power over their apparent and decrease the owners right of eviction
How has the objects of property changed over time
Broadly speaking it has become more inclusive. In the past wife’s and slaves were considered property. Nowadays we see a shift from property being the right to exclude to instead become the right to be included in many areas
If you own the distribution rights to an e book and sell that book to Felicia and the to Felice who owns that book
Everyone mentioned, you have the distribution rights but the others have the tight of use
What is property
The power relation constituted by the states endorsement of private claims to regulate the access of strangers to the benefit of a particular resource
Is something you cannot transfer property
No, but often you can transfer things because they are considered property like copyright
What types of property rights does the law recognize
Ownership and possession for a limited interest
What are the traditional characteristics of personal property
Personal property rights are assignable and enforceable against third parties
how can a creditor loose the right to claim an asset upon insolvency
When the insolvents property is recognized as a personal right or when asset in possession of the debtor is owned by another
What are rights in equity
Specific rights of a stake holder like the mortgagers tight if redemption or the rights of a beneficiary under a trust
What is mere equity
The right of one person to set aside, reduce or extinguish an asset owned by another
Is legal titles transferred on the sale of goods
Yes, i presume that this means that you become the owner after you buy a thing
If someone is negligent with an asset that you have a contractual claim to but is not the owner of can you sue them
No only the owner can
Which are the incidents of ownership
Right to possess, to use, to manage, to the income, to the capital, to transmission, to prevent harmful use, liability to execution and reaiduarity
Can someone be the owner even if they lack some of the incidents of ownership
Yes, as ownership is residual they can still be the owner and transfer some if the tights to other parties
What is the difference between legal and equitable ownership
There can be many equitable owners but only one legal owner
What is the difference between interest and title of ownership
Interests are the rights one has to the property but many can have the same rights so title measures the strength of those rights
Who has the highest title to a property
The owner, no one can make a claim that supersedes that of the owners
Can two people be the legal owner
Yes peoples can co own a thing but that makes them in law one person
How can you become an owner
By taking possession of a thing without an owner, by something new with materials you own, by consensual transfer of ownership (given or sold), by transfer from higher authority and law on death and insolvency
How can you acquire equitable ownership
By agreement with legal owner, by a defective transfer of legal ownership, by a purported transfer of an after acquired asset, through trust and through transfer from equity owner
What is legal posession
Controle over an object coupled with the intention to exclude others, so thieves also have legal posession
If an object is in premises which are jointly occupied who has possession over that property
The owner
What is attornment
When an attornor like a warehouse worker holds possession of a chatle for themselves and someone else agrees to now hold possession for the one someone else sold it too
What is defacto posession
Having control but no intention to exclude others
What is constructive or symbolic posession
Taking control of an object that gives control over a chatle. Like someone possessing the keys to a warehouse has constructive possession over everything therein.
What is a bailee
A person whom consensually gains possession of a chatle for a limited purpose and who is not a servant
What is a bailment
When a bailee gains possession of the bailors chattel for a limited purpose that comes to an end where the bailee no longer possesses the asset. Under the duration of the bailment the bailee has an inferior interest in the chattel than the bailor. Furthermore the bailee must consent
Can one under law be considered a bailee even if the owner has not consented to the bailment
Yes, you have the duties of a bailee even if the owner does not know that you have taken possession of the property
Is there a bailment if the bailee is unaware of the existance of the bailor
No
What is depositum
A type of bailment where the bailee keeps the bailors goods for the bailors interest
What is comodatum
A type of bailment where a friend as a bailee borrows something for the bailor
What is locatio et conductio
When a bailee or conductor hires some good from the bailor or locator
What is a vadium, pawn or pledge
When the bailor sends some asset as collateral as the bailee has let the bailor money
Is it a bailment if you volunteer to take a cake to grandmother
Yes, it is also it if they pay you
Is it a bailment if you find and acquire property that is not yourse
Yes
Can bailment be transferred from one bailee to another
Yes
Does a baliee have a legal duty to take care if the bailors property
Yes
What is the difference between negligence and gross negligence
They are the same thing
What is the difference between contractual and gratuitous bailment
Contractual is for reward and gratuitous is not for one. Supply of goods and service act 1982 only applies for contractual bailments and the duties if contractual bailees can be diminished using contracts although disclaimers can reduce the duties of gratuitous ones too. Traditionally courts also look more seriously upon contractual bailments
What is a sub bailment
When only the bailee has consented to the bailment i think
Is the bailees liability to the bailor strict
Yes as long as the destruction of property is not an act of god or avoided through contract
What can happen if the bailee fails to return the object of bailment
The bailor has the right to reposes it and depending on the reason of the failure may charge the bailee för negligence
Is an involuntary bailor liable if the bailment is missdelivered
Maybe if they are guilty of negligence
Can a bailee sue if the bailment has been stolen or destroyed
Yes and has the right ti recover its full value that then takes the place of the bailment
When can a destroyer of a bailees bailment use title as a defence
When the destruction was carried out at the order of the owner with the owners consent or is the owner
Does a destroyer of bailment have to pay both bailor and bailee damages
No inly one
