Personal Property Flashcards
What is real property?
All land and everything appurtenant to the land with the intent that it be a part of the land (aka improvements)
What is personal property?
All property that is *NOT* real property
Found Property (3 Types)
*ALM* *A*bandoned property *L*ost property *M*islaid property
Abandoned property
*Abandoned* if: *(1)* owner *voluntarily* gave up possession *(2)* with the *intent* to give up title and control E.g. You get a painting from your grandpa. You hate it so you throw it in the dumpster in the alley. It’s abandoned. You voluntarily gave up possession by dumping it in the alley and showed an intent to give up title and control *Finder’s rights in abandoned property* (1) Finder must have *possession* (2) with *intent* to assert title and control E.g. If guy pulls painting from dumpster in alley and takes it with him has rights in the abandoned property
Lost property
*Lost* if: (1) owner’s parting with the property was *accidental* (2) and *involuntary* e.g. I’m walking down the street with my coat slung over my shoulder and my wallet falls out without me realizing it.
Mislaid property
*Mislaid* if: (1) owner’s parting with the property was *voluntary* (2) such as placing it down e.g. I set my wallet down at Starbucks while I pick up my coffee and then forget the wallet when I leave.
Who keeps *mislaid* property that’s found?
*Owner/occupier of premises prevails over finder*
Who keeps *lost* property that’s found?
*Generally, finds beats owner/occupier of premises* *Unless* 3 Exceptions Apply: (1) *Tresspassor* loses to owner/occupier of land (2) *Master* prevails over servant who finds (3) If lost property found in *highly private locus* not open to the public, owner/occupier wins (e.g. home or private office)
Gifts (2 Types)
(1) *gifts inter-vivos* (2) *gifts causa mortis*
*gifts inter-vivos*
gift made during one’s lifetime
*gifts causa mortis*
gift made in contemplation of death
Gifts Inter-vivos Requirements (3)
(1) Donative *Intent* (2) Valid *delivery* of the gift (3) Valid *acceptance* of the gift
Donative Intent
Intent to pass *title* now, *NOT* *possession* E.g. You have a Picasso. You write a letter to museum giving them title, but saying you want to display Picasso in your home until you die. There’s donative intent to pass title now though possession won’t change until your death
Valid *delivery* of the gift
Delivery is valid many ways (*look to facts*, e.g. below) (1) *Handing* something to someone (2) Donee is *already in possession* of item when gift is made [e.g. Donor says just keep lawnmower you borrowed] (3) Donor gives something *representative of the gift* [Grandpa gives keys to new car to grandson on his b-day]
Valid *acceptance* of the gift
Acceptance is *implied by silence* Only no acceptance if *explicit rejection* by words or deeds E.g. Last week Mark asked Wanda to marry him, presenting her with a ring. This week Wanda moved out and no longer wants to marry Mark. Mark keeps the ring because Wanda rejected marriage and the ring by moving out