NY law - Personal property

Question 1

When you find a property, what type may you keep and what type may you not?

Answer 1

You may keep abandoned property, but not lost property.

Question 2

If you find property worth less than $20, must you turn that in to the police?

Answer 2

No, make an effort to find the owner, and you can keep it after one year.

Question 3

If you find property worth over $20, do you have to return it to the police? If so, how long you have to wait to get back from the police as yours?

Answer 3

Yes, you have to turn it into the police. The duration you wait depends on the value of the item: the higher the value, the longer the wait.

Question 4

The question of when a donor may change his mind with respect to a gift is determined based on whether the gift is inter vivos or given upon death. What are the 3 elements of a valid inter vivos gift?

Answer 4

1. Donative intent
2. Acceptance of the gift
3. Valid delivery of title

Question 5

When this title pass with respect to the following inter vivos gifts:
1 a car
2 a stock certificate
3 a first-person check
4 a 3rd person check
5 when the donor or recipient’s agent is involved

Answer 5

When delivering the keys
2 upon delivery of the stock certificate itself
3 when the 1st person check is cashed
4 when the 3rd person check is handed to the recipient
5 if you give the gift to the recipient’s agent, delivery is complete. If you give the gift to your agent for delivery, it is only effective upon your agents delivery of the gift.

Question 6

There are 3 elements to a lien

Answer 6

1. Debt for services.
2. The debtor retains title.
3. The creditor must have possession.

Question 7

Define a general lien. Give 2 examples.

Answer 7

A general lien gives the creditor the right to retain general and varied assets of the debtor for general debts due. Examples would include a hotel holding your luggage or a storage facility holding your furniture.

Question 8

Define a specific lien. Give an example.

Answer 8

A lien on a particular item based on service performed on that item. For example a car mechanic has a specific lien on the car.

Question 9

Define a bailment

Answer 9

The owner of the property gives someone possession of that property for a limited time and a limited purpose.

Question 10

Name of the person giving property in the case of a bailment?

Answer 10

bailor

Question 11

Name of the person receiving property in the case of a bailment?

Answer 11

bailee

Question 12

2 questions to determine when a bailee is responsible for damage or theft of the bailment

Answer 12

1. Has a bailment been created?

2. What is the scope of the bailment?

Question 13

When there items inside other items, does that create a bailment? For example, things in the trunk of your car when you parked your car at a parking garage

Answer 13

If the items inside the bailed item are typical and customary, then there is a bailment as to those items. For example, the spare tire and jack in the trunk of your car in a parking garage. On the other hand, if there is something that is atypical inside a bailed item, there is no bailment as to that item and less you inform the bailee and the bailee accepts it.

Question 14

Is the bank a bailee of everything in your safe deposit box, even if they don’t know its contents?

Answer 14

Yes, the bank is a bailee.

Question 15

Is there a bailment in a self park garage? What about if you leave the key?

Answer 15

If you self park and keep your key, there is no bailment - you are only renting the spot. If you leave the key, there is a bailment.

Question 16

What are 2 factors that determine whether a coat check is a bailment?

Answer 16

1. Whether you paid a fee - a gratuitous coat check does not a monetary obligation.
2. Whether you declared a valuation.