Property Basics/TENANCY Flashcards
Lost Property
Accidental misplacement, is still the owners property
Mislaid property
Owner intentionally leaves property and forgets, is still the owners property.
Abandoned Property
Owner forms the intent to relinquish rights and has no intention to coming back to the property. The finder of this abandoned property can become the next owner.
When will finders lose ownership of property?
When the property is lost or mislaid by the rightful owner.
When will finders get ownership of property
When rightful owner abandons the property. Finders generally prevail against all subsequent possessors of the property.
If someone is trespassing on an owner’s property and finds a lost/mislaid/abandoned object on the owner’s property, who prevails as owner of the object?
The owner of the property when trespassing. IF the finder has permission to be on the property, the courts are divided.
If someone finds a lost/mislaid/abandoned object in a place open to the public, who prevails as the owner of the object?
Some courts grant ownership to the finder, some courts to the landowner.
If one finds an object inside a private home who prevails as owner of the object?
Typically the homeowner.
Trover
P to prove D committed the act of conversion (D wrongfully exercised dominion or control over chattel)
Writ of Replevin
Where the owner of the converted chattels can sue only for damages.
Relativity of Title
Title to property that may prevail over some people, but is not absolute and will not prevail against another who has a superior claim.
Constructive Possession
Grants the owner the right to obtain physical control and/or a variety of rights over someone else’s physical control of that property.
Tenancy in Common
- The equal right to possess the WHOLE property
- Created explicitly by conveying property to more than one party
- Cotenant only has authority to transfer THEIR interest.
Partition
A division of concurrent interest in land so that each owner may enjoy and possess their interest in severalty.
Joint Tenancy
Each owner has an undivided interest in the property that creates a right of survivorship. REQUIRED unities are:
1. Possession
2. Interest
3. Title
4. Time
Right of Survivorship
When one owner dies, the other owners absorb the deceased owner’s interest. The last surviving party owns the property outright.
Unity in Possession
All joint tenants must possess the entire parcel.
Unity in Interest
All joint tenants must possess equal fractional undivided interests in the property and their interest must last the same amount of time.
Unity in Time
The interest of each joining tenant must be created at the same moment in time.
Unity in Title
ALL joining tenants must acquire title by the same instrument or title.
