Personal Property + Possession Flashcards
real property
land and improvements attached to the land
e.g. buildings, fences
personal property
all property other than real property
e.g. cars, clothing
fixture
personal property that has been permanently attached to property, but that could be removed
e.g. dishwasher installed into a kitchen cabinet
tangible personal property
assets of a physical nature
e.g. jewelry, furniture
intangible personal property
assets that cannot be touched or seen but still possesses value
e.g. patents, stock
possession
controlling or holding of personal property with(out) a claim of ownership
elements of possession
- an intent to possess the property by the possessor
- his/her actual controlling or holding of the property
relativity of title
a person can have a relatively better title or right to a possession than another, while simultaneously having a right inferior to yet another person
rule of capture
with all else being equal, the chronologically first possessor has the better title
ways to determine ownership of surface water
riparian rights and prior appropriation
riparian rights
- each person with land abutting a water course may take water from it for any reasonable use
- primarily used by eastern states
- when water is scarce, the landowner cannot use the water to benefit non-riparian lands
prior appropriation
- the first person to make beneficial use of water gains a vested right to continue to use the water
- primarily used by western states
- the person must file an administrative action with the state water agency or engineer
types of groundwater
underground stream and percolating waters
underground stream
groundwater that flows in a channel
percolating waters
groundwater that does not flow in a channel
ways to determine ownership of groundwater
reasonable use doctrine and correlative rights doctrine
reasonable use doctrine
groundwater must be used only on the overlying land if use elsewhere would cause hardship to other landowners with access to the water
correlative rights doctrine
groundwater is allocated based on the amount of land owned
finder of lost property
person who takes control of the lost property and has the intent to maintain possession of the property
conversion
using another person’s property in a way that is inconsistent with the rights of the true owner or rightful possessor of said property
replevin
the action or remedy to recover the asset itself + any damages for injury to the asset
trover
the action for monetary compensation for conversion of personal property
subrogation
succession to another’s right or claim to property
lost property
property the true owner unintentionally and unknowingly dropped or lost
- belongs to the finder unless and until the true owner is located
mislaid property
property the true owner intentionally placed in a given location and then left, or intentionally left intending to return for it later
- belongs to the owner of the locus in quo unless and until the true owner is located
locus in quo
the landowner or lessee
abandoned property
property the true owner intentionally and voluntarily relinquished with the intent to no longer own the object and without transferring his rights to another person
elements of abandonment
- act of abandonment
- intent to abandon
treasure trove
gold, silver, or currency intentionally concealed or placed underground with indications it has been so long concealed that the true owner has long since died
bailment
- one person gives temporary possession of her property to another
- results from an expressed or implied contract, agreement, or combination of the two
- requires (1) the bailor to deliver the property to the bailee, and (2) the bailee to take physical control over the property from the bailor
- the bailee should return the property in the same condition in which it was received from the bailor
- a servant preserving the goods of the master is NOT a bailee; a servant is a custodian
types of delivery
actual, constructive, symbolic
actual delivery
bailor physically hands the property over to the bailee
constructive delivery
the bailor gives the keys to a safe deposit box or heavy object (e.g. chest of drawers) to the bailee
symbolic delivery
the bailor gives the bailee something symbolizing the object of the bailment (e.g token)
constructive bailment
possession of personal property is acquired and retained under circumstances in which the recipient should keep it safe and return it to its owner
bona fide purchaser (BFP)
person who buys property honestly and without notice of any conflicting claim on the property bought
- must (1) act in good faith and without notice that the previous possessor did not have good title and (2) pay valuable consideration
what are the exceptions to the maxim that “no one acquires greater rights in an object than one’s vendor has to transfer
good faith purchasers and entrustments
entrustment
true owner entrusts her property to a merchant who deals in the type of goods entrusted
good faith purchaser
someone who bought a good without knowledge of void title by the seller
void title
no title
- generally applicable to thieves and bailees (bailee exception: entrustees)
voidable title
the true owner can rescind a transaction and get the property back
- a wrongdoer can possess voidable title until the true owner rescinds
- is transferred to the BFP once the wrongdoer sells the property to her
gift
voluntary, non-contractual, gratuitous transfer of property made without legal consideration
intervivos gift
gift made between living persons
gift causa mortis
gift made on account of the owner’s impending death
- can be revoked if the owner recovers from the cause of their impending death (e.g. illness)
devise/bequest
transfer of property by will after a person’s death
elements of an intervivos gift
(1) donative intent
(2) delivery of the object to the donee
(3) donee’s acceptance of the object
donative intent
the donor’s intent to transfer ownership of the object to donee
- donee has a high burden of proof to show donative intent by the donor
delivery
actual physical delivery of the object
- constructive or symbolic delivery can be acceptable if actual delivery is impossible
elements of a fixture
(1) personal property is annexed (attached) to the realty
(2) is adapted or applied to a particular use or purpose beyond itself and made a part of some larger component/function on the realty
(3) intention to annex the property to the realty
