Personal Property Flashcards
What’s the difference between personal and real property?
Real Property = IMMOVABLE
Personal Property - MOVABLE
What is a FIXTURE? How is it defined/determined?
a chattel ANNEXED TO REAL PROPERTY.
Status determined by:
- Degree of PERMANENCY w/ which chattel is affixed to the realty,
- ADAPTATION of the chattel to the use or purpose to which realty is devoted, and
- INTENT of the annexor to make a permanent accession to the realty
What are elements of ADVERSE POSSESSION for personal property?
Same as for real estate, except 5 YEAR LIMITATIONS PERIOD.
- ACTUAL
- OPEN and NOTORIOUS
- HOSTILE and ADVERSE
- under CLAIM OF RIGHT,
- EXCLUSIVE and CONTINUOUS
What can BFP prevail against true O?
When there’s adverse possession and limitations period has expired.
What is a GIFT?
Present voluntary transfer of property w/o any CDN or compensation.
Different from promise to make a gift, which isn’t binding (b/c it lacks CDN).
Once made, can a gift be w/d by donor?
No
What are the elements of a gift inter vivos?
- DONATIVE INTENT
- DELIVERY
- ACCEPTANCE
What is a gift causa mortis?
Gift given in contemplation of death.
What is a bailment?
R’ship created by transfer of personal property by one called the bailor to another called the bailee for the accomplishment of a specific purpose.
There is NO TRANSFER OF TITLE.
Express K is NOT NECESSARY.
What are the elements of a bailment?
- DELIVERY be bailor
2. CONSENT by bailee
How to establish breach of bailment?
Depends on NATURE OF THE BAILMENT:
- If solely for BAILOR’S BENEFIT, only SLIGHT DILIGENCE is req’d & liability rests on GROSS N.
- When bailment is SOLELY FOR BENEFIT OF THE BAILEE, GREAT DILIGENCE is req’d (liability will result from SLIGHT N).
- When bailment is for mutual benefit of both parties, ORDINARY DUE CARE is req’d.
Can a buyer in the ordinary course keep an item he bought from a merchant that was the subject of a bailment (that wasn’t meant for sale)?
Yes. Under the UCC, entrusting goods to a merchant WHO DEALS IN GOODS OF THE KIND gives the merchant power to transfer all rights of the entruster to a buyer in the ordinary course of business.
But, compare w/ rule that BFP prevails against all BUT TRUE OWNER.
What is a BUYER IN THE ORDINARY COURSE OF BUSINESS?
One who buys IN GOOD FAITH and WITHOUT KNOWLEDGE that sale is a violation of the o’ship rights of a 3rd party.
Can a gift be made even though possession remains w/ donor?
Yes.
If donor has PRESENT DONATIVE INTENT, he may reserve right of possession. Delivery can be satisfied by something like a note in a graduation card (e.g., “In honor of your graduation, I give you the guitar. You may take it when I die, but until then I’ll keep possession.”).
When bailed goods are lost or damaged, is bailee liable for DAM?
Yes
