Introduction and Found Property Flashcards
What is personal property?
Any movable property that is not real property
What are fixtures?
A chattel annexed to real property that converts the property from personalty into realty–factors:
1. Degree of permanency with which the chattel is affixed to the realty
2. Adaption of chattel to the use or purpose to which the realty is devoted, and
3. Intent of annexor to make permanent accession to realty
Trade fixtures rebutably presumed to be personalty
Statute of Limitations for Adverse Possession of Personal Property
5 years
Requirements for adverse possession
(“E U A HO”)
1. Actual
2. Open and notorious
3. Hostile and adverse
4. Under claim of right
5. Exclusive and continuous
- A bona fide purchaser of stolen goods not protected against claim of owner unless SOL has run on owner
What is abandoned property?
Property considered abandoned when owner has (1) voluntarily relinquished ownership (2) with the intent to give up both title and possession/control
How to tell if someone has acquired rights in abandoned property
A finder acquires rights if they have possession with the intent to assert title and control
What is lost property?
Determined by the place where it is found
* Test is whether a reasonable person would judge that the owner had accidentally and involuntarily parted with possession of the property and does not know where to find it
* Example–wallet falls out of your pocket onto the ground while you are walking
What is mislaid property?
Where the owner has taken some voluntary act in placing the property down, and then they’ve left it behind
* TEST is whether, judging from the place found, it can be reasonably determined that it was (1) intentionally placed there and (2) thereafter forgotten
Who keeps mislaid property?
The owner or occupier of the premises on which the property is found will prevail over the finder
Who keeps lost property?
Generally, subject to few exceptions, the finder will prevail over the owner/occupier
What are the exceptions whereby an owner/occupier will keep lost property?
(1) A trespasser will not be allowed to secure possessory rights in lost property
(2) An employee who finds an article by virtue of an act specifically directed by employer–employer prevails
(3) If lost property is found in a highly private locus (i.e., not open to public), owner/occupier will prevail
* Examples are a home or private office
* Also applies to buried property–owner of premises wins
What is treasure trove?
Any gold, silver, or paper representative thereof, found concealed, the owner of which is unknown
Who keeps treasure trove?
At common law, treasure trove belonged to the finder even if a trespasser, but the modern view is to treat treasure trove as any lost property
May one who does not have title to goods pass good title?
No–not even to a BFP
