Prop Flashcards
What is Title?
Ability to convey or dispose of the property in question
What is the Maxim of Roman Law?
First Come, First Served
What is the Law of Accession?
A party’s good faith contribution through their own labor, which adds to the personal property of another.
What is the rule of Discovery?
A first party “sights and finds” unknown territory and claims. But does not occupy or improve the property. To have title the party must occupy within a reasonable time.
What is the rule of Conquest?
Seizing territory through force, followed by annexation of the territory.
What is Labor Theory?
Entitlement comes through the labors and improvements of the property.
What is Adverse Possession?
Obtaining title through actual (continuous, hostile, open) possession of the land (squatters rights).
What is the rule of Capture?
If a party captures (manual occupancy, restrains, kills) then that party has ownership of the property (wild animals, fugitive resources)
What is Ratione Soli?
Constructive Possession - Not actual possession but a virtual possession when on the property of a party
What is Ferae Naturae?
Wild Animal
What is Animus Revertendi?
An animal that has developed a habit of returning to a party’s property, granting the party possession.
What is return to nature?
An animal can revert to its wild state, ending the posession (capture) of a party.
What is the rule of increase?
Offspring of mammals belong to the owner of the mother
What is the effect of custom on possession?
If a local custom known to all creates a rule of ownership, then that rule can be followed to establish ownership.
What are fugitive resources?
Oil and Gas, Water, etc., resources that move on their own in their natural state.
What rights does a property owner have to fugitive resources?
- Right to Extract
- Ownership upon Capture (drilled and pumped)
- Extraction rate controlled by legislation or reasonable use.
Surface Water Rights - Eastern US
Riparian Rights - all land owners bordering water source can exercise reasonable use.
Surface Water - Reasonable Use Standard
- Value of Use
- Harm to Neighbors
- Suitability to Locale
Surface Water Rights - Western US
First in Time (Capture or Start Works to Capture)
What does property law do?
Defines relationships, rights, between persons as regards to things.
What do property rights convey?
A right to exclude others
What is an externality?
A decision to use resources, property, without considering all of the effects (cost/benefit) of the use of the resources, specifically the costs to, or affects on others.
What is a transaction cost?
Cost to internalize an externality, that is to account for the affect of decisions on others.
How do legal rules affect externalities?
Legal rules reduce transaction costs, facilitate market transactions.
What does copyrights cover?
Expressions not facts (originality)
What are the elements of copyright?
- Originality (independant creation of the author)
- Work of authorship (type of work)
- Fixation (tangible medium - canvas, paper, etc.)
What is a defense to copyright?
Fair Use - A privilege to use copyrighted matter in a reasonable manner without the authors consent.
What are the elements to establish fair use?
- Purpose and character of use
- Nature of the copyrighted work
- Substantiality of the portion used in relation to the copyrighted work as a whole.
- The effect on the potential market for the value of the copyrighted work (most important element)
What elements are required to show copyright infringement?
- Ownership of valid copyright
- Copying of constituent elements of the work
- Copy was innapproriate appropriation
What is required for originality?
Creativity - must possess more than a de minimus quantum of creativity
Are parody’s fair use?
Normally parody’s do not fall within fair use, and as they become more transformative (less like the original), the less likely to infringe
What is the unclean hands doctrine?
A party must not have acted in bad faith with respect to infringement.
What are the bundle of property rights?
- Possess
- Use
- Exclude
- Sell
- Gift
Exclusion is one of the most essential sticks in the bundle - S.Ct.
What Property Can be Abandoned?
- Real Property with ‘perfect title’ cannot be abandoned
- Personal Property can be abandoned
What is perfect title?
Clear ownership, undisputed title
What are the elements of personal Property abandonment
- Must intend to relinquish all interest in the property.
- Voluntary act by the owner effectuating that intent
What rights does a finder of property have?
Ownership against the whole world except the original (rightful) owner
Can a decedent destroy real property?
A decedent must establish that the destruction is:
- Based on some justifiable motive
- Some benefit is gained to offset the loss
Can the living destroy real property?
Yes, without issue
What is the difference between trover and replevin?
- Trover is the return of property in the form of cash
- Replevin is the return of the actual property
Who has the most valid claim among possessors?
- Prior possessors have a better claim than newer possessors.
What is the difference between an bailor and bailee?
- A bailor is the owner of property
- A bailee is the possessor of property
What is the Locus Owner?
The local owner has right to things found in
- Private Areas
- Things embedded in the ground
- Things found by employees/contractors
- If occupying property then constructive possession of items found therin
Who owns things found in public areas?
- Lost property (not intentionally placed) - the finder
- Mislaid/Misplaced (intentionally placed) - the locus owner.
What is the law of finding?
A finder of property acquires no rights to the mislaid property, is entitled to possession of lost property against everyone except the true owner, and is entitiled to keep abandoned property.
What is a Fee Simple Absolute?
Complete ownership of property in perpetuity. An unimpeded right to sell, convey, devise.
What is a life estate?
A property possession for the term of a person’s life, reverts back to owner or on to another possessor.
What is a fee tail?
A fee tail is a series of coupled life estates which pass a possessed property down a family lineage.
What is a future interest?
A promised interest in property that vests at a future date usually after some condition precendent has been met, like death of owner, end of a life estate.
What is the difference between intestate and inter vivos?
- intestate are the wishes of the dead conveyed through their will.
- inter vivos are transfers made between the living.
What is the rule for Treasure troves?
In the US, treat as misplaced or lost
- Finder keeps
- Locus Owner does not, even if the finder is employed by the owner
What is a possessory estate?
An interest in land that gives the owner a right to possess the land:
- Immediately
- In the future
- Or potentially in the future
Under what conditions would an FSA (fee simple estate) be void?
- Disabling Restraint - withholding the power to transfer the interest
- Forfeiture Restraint - if transfer is attempted, the property is forfeited to another
- Promisory Restraint - Grantee promises not to transfer his interest
Why are Restraints on Alientation against public policy?
- Restraints make property unmarketable
- Perpetuates the concentration of wealth to by making it difficult to sell
- Restraints discourage improvements to the land
- Restraints limit lenders from having reach to the land for foreclosure purposes
Are restraints allowed for life estates?
- Only forfeiture is allowed for life estates
How do you calculate the value of a life estate?
The net present value of
- Value of property today
- Life expectancy of the life estate holder
- Time value of money at some discount rate
What are the types of property waste?
- Affirmative Waste - injurious waste where the value of the property is diminished, ameliorated waste where the value of the property is increased
- Permissive waste - where the property is not taken care of
What rights does a possesor of a life estate have?
They can possess the property just as the grantor could have, except
- A Life Estate holder cannot destroy the economic value (waste) of the property
- Remaindermen and Executive Interest holders can
- Enjoin the LE holder to stop waste
- Monetary DAS (compensation)
- Forfeiture of the LE
What is a fee simple determinable?
An estate that terminates automatically on the happening of named future event and reverts to grantor.
“For as long as, during, while, or, until”
What is a defeasible estate?
An estate that may terminate before its maximum duration has run.