IL Personal Property

Question 1

Abandonment

Answer 1

If the owner has VOLUNTARILY given up POSSESSION with the INTENT to give up title and control.

Finder acquires rights if he has POSSESSION and INTENT to assert title and control.

Question 2

Lost property

Answer 2

Where the owner took NO affirmative action in placing the property where it is found and the owner’s parting with the property was ACCIDENTAL and INVOLUNTARY

Question 3

Mislaid property

Answer 3

Where the owner has taken some voluntary affirmative action in placing it down and then leaves it behind. (Forgetting something)

Question 4

Who gets the property when it is mislaid?

Answer 4

The landowner or occupier of the premises will PREVAIL over the finder.

Question 5

Who gets the property when it is lost?

Answer 5

The FINDER wins and the landowner or occupier of the premises loses.

Question 6

Exceptions for Rule of Lost Property

Answer 6

1. If finder is TRESPASSER then o/o of the premises will prevail.
2. The MASTER prevails over the SERVANT who finds.
3. If property is found in a highly private locus the o/o will prevail over the finder.

Question 7

Requirements for Gifts Inter-Vivos

Answer 7

1. Donative INTENT
2. A valid DELIVERY
3. A valid ACCEPTANCE

Question 8

Gifts Inter-Vivos: Valid Delivery

Answer 8

1. Actually physically delivering something, or
2. Donee is already in possession of the item when the gift is attempted.
3. Where donor hands over something that is REPRESENTATIVE of the object of the gift. (i.e. car keys)

Question 9

Delivering inter-vivos gifts via check or promissory note:

Answer 9

No delivery until the check is CASHED or the note is PAID.

Question 10

Inter-vivos gifts concerning checks from third parties.

Answer 10

If donor gives donee a check made out to the donor by a 3rd party this is a VALID DELIVERY EVEN IF the donor has not endorsed the check or note to the donee.

Question 11

Inter-vivos gifts of stock.

Answer 11

If donor hands donee a stock certificate representing shares in a corp this is a VALID delivery even IF the donor hasn’t endorsed the stock over to the donee nor has told the corporation of the transfer.

Question 12

Delivery when using donee’s agent

Answer 12

Occurs when the donor hands the items to the agent.

Question 13

Delivery when using donor’s agent

Answer 13

Will not be good until agent hands it to donee.

Question 14

Gifts Causa Mortis

Answer 14

1. Donor must be facing GRAVE PERIL.

Must be have a fair degree of certainty or likelihood of death that is imminent and likely to occur.

Question 15

Revocation of gifts causa mortis

Answer 15

1. Donor simply revokes at any time.
2. Donee predeceases donor
3. Donor recovers.

Question 16

Bailment

Answer 16

When bailee (dry cleaners, banks, etc.) have taken over CUSTODY of a chattel with INTENT to serve as bailee.

Question 17

Parking where you give up your keys. Bailment?

Answer 17

Yes.

Question 18

Parking where you keep your keys. Bailment?

Answer 18

No.

Question 19

Safe Deposit Boxes. Bailments?

Answer 19

Yes. Even though the bank has no idea what is in them.

Question 20

Liability where the bailment is for the sole benefit of the bailor (you):

Answer 20

Bailee is only liable for GROSS NEGLIGENCE

Question 21

Liability where the bailment is for sole benefit of bailee (person you lent your car to):

Answer 21

Bailee is liable even for slight negligence.

Question 22

Liability where the bailment is for mutual benefit:

Answer 22

Ordinary negligence

Question 23

Liability during unauthorized use of bailment:

Answer 23

STRICT LIABILITY

Question 24

Liability during a misdelivery:

Answer 24

If bailee misdelivers the chattel, even to someone using a forged instrument, then bailee is strictly liable.
(EXCEPT: the misdelivery of a car in a parking lot to someone who shows up with a forged claim check - NO strict liability.)