Property Final Flashcards
Bundle of sticks definition
Analogy used to explain the complex ownership of property. Each stick represents a right of the owner related to the land
The bundle of sticks
Possession, control, exclusion, enjoyment, disposition
Possession definition
Owned by whomever holds the title
Control definition
Controls the use of the property
Exclusion definition
Others can be excluded
Enjoyment definition
Use the property in any legal manner
Disposition defintion
Sell, rent, or transfer ownership
First in time is first in right definition
Being there first justifies ownership rights
Two ways to acquire property rights
First possession and subsequent possession
First possession includes
Discovery, capture, and creation
Subsequent possession includes
Find, adverse possession, and gift or bequest
Difference between ownership and possession?
You can possess (have) something, but someone else can hold ownership (title)
Rule of discovery
The sighting or finding of unknown territory, usually accompanied by a landing and the symbolic taking of possession. The first person to reach a soil and settle there is the discoverer
Locke’s labor theory
Everyone has a property in her own person. When a person changes something from its natural state into something else, it becomes her property
Rule of capture
Actual bodily seizure is not necessary to acquire a right to or possession of wild animals. Instead, possession of the wild animal occurs when the pursuer mortally wounds the wild animal, the pursuer doesn’t abandon her pursuit, the pursuer manifests an unequivocal intention of appropriating the animal to her individual use, and deprives the wild animal of its natural liberty by bringing it within her certain control
Rule of capture allows a competitor
To interfere with the other’s mere pursuit
Non-competitor rule
A person who does not seek to capture an animal, but rather to interfere with the other’s capture seeks to disrupt the efficient use of resources and must be stopped
Ratione soli
Exception to the rule of capture. Owner of the land has constructive possession of every wild animal on their land
Custom is recognized if
Specialized, small industry, necessary to preserve the industry, custom is pervasive (affects entire industry), the custom is undisputed, taker performed the acts necessary for appropriation
Reasons why the possession of subsequent possessors is protected
Promotes peaceful public order, protects against wrongdoers and rewards honest finders, possession may be the only indicium of ownership, finders bring lost items back into commerce, finders may facilitate getting an item back to its owner
Who is a finder?
One who takes possession of lost property that is owned by another without permission
For possession a finder must show
An intent to control the property and an act of control
Categories of found property
Lost property, mislaid property, abandoned property, and treasure trove
Lost property
True owner is unintentionally separated from the property through neglect or inadvertence
Mislaid property
The true owner intentionally places her property in/on a certain place with the expectation to retain ownership but fails to reclaim it or forgets where she put it
Abandoned property
True owner must have intentionally and unequivocally relinquished all right and title in the property
Treasure trove
Any money or coin, gold, silver plate or bullion hidden in the earth
The title of the finder is as good as against the whole world except
The true owner or prior possessors
What influences a court’s decision about a finder’s rights?
Presumed intent of the original/rightful owner, location where the property is found, and identity/status of competing claimants