PROPERTY LAW: PART II Flashcards
In what ways can personal property be acquired?
- Purchase and Creation: if you buy/make something, you own it- except for employees, who make stuff for the employer
- Capture: the first person to seize something existing in nature owns it
- Accession: if you livestock have babies, you own the babies
- Finding: claiming property that others originally owned
What are the ways in which property can be found?
- Lost: a property the owner unintentionally parted with and doesn’t know where it is
- Mislaid: a property the owner intentionally left somewhere, but forgot about it
- Abandoned: property the owner has no interest in retrieving, regardless of how it was left.
How do courts treat misplaced property?
- Lost: the finder can claim possession against anyone except the true owner
- Mislaid: goes to the owner of the premises where mislaid, who must follow similar rules to the finder of lost property
- Abandoned: finders keepers
Who are the two people involved in gifting?
Donor: the person giving the gift
Donee: the recipient of the gift
What are the elements of gifting?
- The donor must have donative intent: the intent to relinquish all property rights for nothing in return
- The donor must make actual/constructive delivery of the gift: so the gift becomes effective
What are the types of delivery?
- Actual delivery: dropping off the item to the donee
- Constructive delivery: giving the donee an item in relation to the gift
What is a Trust?
A way to convey property to a beneficiary without giving up total control
Who is a trustee? And what is their duty?
- The person/group who receives control of a trust, and is responsible for the transaction to the beneficiary .
- They have the duty to manage the assets and use them for the benefit of the beneficiaries, according to the rules of the trust
What are the two types of trusts?
- Revocable: One that may be terminated, changed, or accessed by the grantor; it also doesn’t provide protection from creditors or tax obligations
- Irrevocable: One that cannot be terminated or meaningfully changed by the grantor; the grantor gives up ownership and control
What are the responsibilities of a trustee?
- Control and protect the assets
- Handle accounting and taxes
- Manage and invest funds
- Disburse funds to the beneficiaries
- Act impartially in the best interest of all beneficiaries
What is Probate?
The process of executing a will after a person’s death, distributing property, and settling any disputes
What is a Will?
The document that outlines how the deceased would like their property divided
Who is a Testator/Testatrix?
The person that creates a will.
What if someone dies without a will?
They have died intestate
What happens if a person has no heirs?
Their property goes back to the state
What is Eminent Domain?
The legal process by which the government can seize ownership of private property for ‘public use’
What is Zoning?
A process where local governments dictate what types of activities may be conducted on certain parcels of land.
The Most Restrictive Zones
- Open Space and Recreation; Urban Garden Districts
- Limited One-Family
- One-Family
- Two-Family Townhouse
Medium Restrictive Zones
- Multi-Family; Manufactured Home Park; Residence Office; Parking Districts
- Local Retail; Shopping Center; Downtown Residential; University Retail
- General Retail; Limited Retail; Institutional Research; Residence Industry
Less Restrictive Zones
- Semi-Industry
- General Industry
- Unrestricted Industry
