Personal Property Flashcards
6 Rights of ownership
Possession-right to occupy or hold the property
Exclusion-right to keep others out
Transfer-right to shift ownership rights
Use- the right to do things w it
Profit-right to make money w it
Destruction- right to misuse it
Categories of Found Propert
Naturally placed
Abandoned
Lost
Mislead
Treasure trove
Treasure Trove
1) some type of property hidden
2) out of possession of the true owner
3) where the owner intended not to regain immediate possession
Right to possession: the finder
Mislead
1) property placed out of possession
2) of the true owner intentionally
3) where the owner forgets to regain possession
Right to possession: if someone owns the place it was found, they have the right of possession (locus en quo) otherwise, the finder
Lost
1) property found out of possession of true owner
2) without the true owner realizing it
3) but not abandoned
Right to possession: the person who finds the property unless that person finds it in the scope of their employment
Abandoned
1) must have previously owned
2) it’s original owner must have surrendered possession
3) it’s original owner must intend not to redeem possession
Right to possession: any person who finds the property unless that person finds it within the scope of their employment
Note: title to abandoned property can be obtained by taking possession of the property
Naturally placed
Non-created property placed on the land by natural forces
Right to possession: belongs to the party who owns locus in quo (the place in question)
Replevin
Seeks to return a specific item of personal property
Accretion
The owners rights to soil deposited on his or her land due to natural forces. This law is in response to erosion and gravity changes to land
Riparian Rights
The interest a title holder has to the water in a river or lake on the property
Bailment of Property
Exists whenever personal property is out of one party’s possession, but is in another’s possession. Establishes obligations when personal property is out of the possession of one with the ‘superior’ title and is in possession of one with ‘inferior’ title.
Transfer of possession without the other 5 of 6 rights of ownership
Adverse Possession of Personal Property
Traditional Rule
When a person who does not have legal title to a price of property, acquire legal ownership based on continuous possession of occupation of the property without permission of the legal owner.
1) Hostile: without owners permission
2) Actual: physical possession
3) Visible: possession can be perceived, does not have to be seen.
4) Exclusive: possession is only with true owner
5) Continuous: possession has not been surrendered
6) for the period given in the statute of limitations
Adverse Possession of Personal Property
Discovery Rule
1) The dispossession occurred longer than the statute of limitations period AND
2) For at least that period of time the true owner knew or should have known (a) that the dispossession had occurred AND (b) who was in possession of the property
3) “Should have known” requires the true owner to take reasonable steps to find out the information
Statutory Estoppel
1) the owner must entrust the property to a merchant who deals in that kind of property
2) the buyer must purchase the property in the ordinary course of business
3) the buyer must purchase the property in good faith
4) the buyer must purchase the property without knowledge of the true owners title
5) the buyer must have paid value
Equitable Estoppel
1) the true owner must cloak the vendor with an indicia of title
2) The purchaser must buy in good faith
3) the purchaser must pay value
