Property I Flashcards
adverse possession [elements]
Adverse possession requires that there be (1) an entry that is (2) open and notorious, (3) continuous for the statutory period, and (4) adverse and under a claim of right.
bailment [definition]
A delivery of goods or personal property, by one person to another, in trust for the execution of a special object upon or in relation to such goods, beneficial either to the bailor or bailee or both.
conversion [definition]
Taking another person’s property without any cause or permission. It is an unlawful action.
copyright [definition]
The right of literary property as recognized and sanctioned by positive law. A right granted by statute to the author or originator of certain literary or artistic productions, whereby he is invested, for a limited period, with the sole and exclusive privilege of multiplying copies of the same and publishing and selling them.
detinue [definition]
A form of action which lies for the recovery of personal chattels from one who acquired possession of them lawfully, but retains it without right, together with damages for the detention.
externalities [definition]
(?) A factor those benefits and costs are not recorded on the market price. (?)
navigable [definition]
Water (or a body of water) capable of being navigated via ship or aquatic vessel. (Subject to the ebb and flow of the tide.) A huge factor in the rights of reparian landowners.
property [definition]
The ownership of a thing is the right of one or more persons to possess and use it to the exclusion of others. In this Code the thing of which there may be ownership is called “property.”
replevin [definition]
A personal action ex delicto brought to recover possession of goods unlawfully taken, if the party from whom the goods were taken wishes to have the items themselves back (not damages).
trover [definition]
Lay for the recovery of damages against a person who had found another’s goods and wrongfully converted them to his own use.
inter vivos conveyance [elements]
Gift given during gift givers lifetime. Requires (1) intent; (2) delivery, must be actual if possible (otherwise constructive or symbolic) ; (3) acceptance
joint tenancy right of survivorship [definition]
Shared tenancy which cannot be devised by will or inheritance, and death of a tenant gives interest to remaining tenants. Final living tenant gets fee simple.
joint tenancy right of survivorship [elements]
All tenants must (1) obtain tenancy at the same time; (2) under the same title; (3) have equal interest; and (4) equal possession
What happens when a joint tenant (right of survivorship) conveys his interest inter vivos to a third party?
The transferred interest is transformed into a tenancy in common. Remaining joint tenants continue to have right of survivorship to property, minus the interest of the tenant in common.
