Personal Property

Question 1

Abandoned Property

Answer 1

(1) If owner has voluntarily
(2) given up possession with
(3) Intent to give up title and control
Finder acquires rights if the finder has possession with the intent to assert title and control

Question 2

Lost and Mislaid Property

Answer 2

Lost - owner’s parting was accidental and involuntary
If lost - finder wins
Mislaid - voluntary affirmative act and leaves it behind (forgot)
If mislaid - owner of premises prevails over finder
EXCEPTIONS (1) If finder is a trespasser O/O prevails
(2) Master prevails over servant
(3) If found in highly private locus, O/O prevails over finder

Question 3

Gift Inter Vivos

Answer 3

(1) donative intent - intent to pass title now (even if possession comes later)
(2) valid delivery - handing to someone, donee already in possession, hand over something represenative of the gift (key to car)
(3) valid acceptance - implied by silence; need express rejection otherwise
NOTE: Check or promissory note is not valid delivery until cashed (if someone else’s instrument, valid delivery now)
Handing stock certificate is valid delivery
If handed to an agent, delivery if donee’s agent, not delivery if donor’s agent

Question 4

Gifts Causa Mortis (only valid if donor dies but does not have to be from peril that prompted the gift)

Answer 4

Makes gift thinking donor is about to die - fair degree of certainty or likelihood that death is imminent (stressful situation; must be in GRAVE PERIL)
Revocation: (1) donor revokes, (2) donee predeceases donor, or (3) donor recovers

Question 5

Bailment

Answer 5

Bailee takes custody of a chattel with intent to serve as bailee (includes safe deposit boxes, giving up keys at parking garage)

Question 6

Bailment Liability

Answer 6

(1) If sole benefit of bailor - bailee liable only for GROSS negligence
(2) Sole benefit of bailee - bailee liable for slight negligence
(3) Mutual benefit bailment (give watch to store to repair) - standard of ordinary care (modern trend for all bailments)
(4) Strictly Liable - unauthorized use, mis-delivery (except vehicle in parking garage to someone with forged claim check)
Exculpatory clauses - Bailee can limit liability for ordinary negligence (not for gross, reckless or intentional).
ITEMS ON CONSIGNMENT ARE BAILED (not included in bankruptcy estate of bailee)