Law of Ownership Flashcards
Rule of Capture
First in Time, First in Right: previous ownership rights are superior to preceding ownership
Law of Finding
True Owner always wins, Finder generally wins against everyone else
Elements of Inter vivos gift
- Intent
- Delivery
- Acceptance
Categories of Findings
- Lost
- Abandoned
- Treasure Trove
- Mislaid
All are predicated on the intention of the original owner.
When does the Finder gain ownership of lost property?
- Lost
- Abandoned
- Treasure Trove
When does the owner of the locus gain ownership of lost property?
Mislaid
Rule from Pierson v. Post
A person gains ownership of a wild animal by capturing or gaining possession over it
Abandoned
Abandonment is shown by proof that the owner intends to abandon the property and has voluntarily relinquished all right, title and interest in the property.
Lost
“Property is lost when the owner unintentionally and involuntarily parts with its possession and does not know where it is.”
What is found stolen property?
Lost
Mislaid
voluntarily put in a certain place by the owner who then overlooks or forgets where the property is.
Treasure Trove
It includes an element of antiquity.
To be classified as treasure trove, the property must have been hidden or concealed for such a length of time that the owner is probably dead or undiscoverable.
Adverse Possession
Possession of real property that can ripen into full title of the occupied land.
Elements of Adverse Possession
- Continuous for the statutory period
- Open and notorious, visible possession as the true owner would
- Actual entry giving exclusive possession
- Hostile (adverse and under claim of right)
Counting Provision of Adverse Possession
- One adverse possessor can track their time together with another if they are in privity
- The Statute of Limitations clock doesn’t run against future interest holders if the property has been divided before entry.