Personal Property Flashcards
What is the rule for finders of abandoned property?
Abandoned Property: one has given up physical possession and have an intent to relinquish title and control.
Any finder who takes control with intent to have possession is the owner.
What is the rule for finders of lost property?
Lost Property: on accidentally parts with possession and has no intent to give up ownership and control.
Value under $20: must make reasonable efforts to locate owner; if, after 1 year, owner is not found, finder gets to keep the item
Value over $20: turn item over to the police who will hold the item for a specified period of time depending on its value (Over $5,000 = 3 years); if owner does not claim it within that period of time, finder gets to keep the item
When is an inter vivos gift valid?
1) Donor must have donative intent
2) Acceptance
3) Valid delivery of the item
When is a gift of a check validly delivered?
First party = when cashed
Third party = when given, cannot stop payment
When is a gift of a stock certificate delivered?
When you hand over the corporate certificate. Does not have to be recored on the corporate books.
Can you deliver a gift through an intermediary?
Yes.
If turned over to agent of donee, delivery is complete.
If turned over to agent of donor, delivery is not complete because can call the agent back.
What is a gift causa mortis?
Gift in contemplation of death. Donor must be in an imminent risk of death (objective standard). NOT valid if the donee happens to die first. If donor ends up surviving, can take the gift back.
What is a lien and what are the formal requirements?
Security devices used to secure payment of a debt. Allows you to keep possession of someone else’s personal property until you get paid for services performed.
Formal requirements:
1) debt in connection with services
2) debtor still has title to property but creditor has possession
What are the two types of liens?
1) General - creditor has possession of a lot of different property and there is a general balance due (e.g. hotel room or self storage)
NOTE: if one item released, retain lien on the other items
2) Special - actual service performed on the item retained (e.g. car mechanic keeps car)
NOTE: release of the item extinguishes the lien (not the debt)
What is a bailment?
Turning over possession of a piece of personal property to someone else for a limited time and a limited purpose
Owner = bailor Possession = bailee
Key bailment issues:
1) If an item inside of another item (e.g. car w/ stuff in the trunk) and you leave in a garage w/ key then the bailee is responsible if item is typical/ordinary (e.g. tire vs. gold bars)
2) A bank is a bailee of everything in a safe deposit box even if it’s unusual/not typical
3) If you turn over key in a garage, then it’s a bailment, BUT if it’s a part and lock, then NOT a bailment
4) A coat check bailment is regulated by statute Ltds on liability depends on whether it’s fee vs. free coat checkOR whether you declared a value for item
