Subsequent Possession Flashcards
Bailee
person holding property in trust for another
Bailment
the delivery of property to be held in trust and which is designated for a particular purpose, following the satisfaction of which the property is either to be returned or disposed of as specific.
Elements of Adverse Possession (4)
- Continuous during the statutory period
- Open and Notorious
- Actual entry
- Hostile possession
Discovery Rule
A cause of action will not accrue until the injured party discovers or by exercise of reasonable diligence should have discovered facts which form the basis of a cause of action. DOES NOT APPLY TO REAL PROPERTY.
Tacking
one adverse possessor may tack on his predecessor’s time as long as there is privity. Not allowed if there was an ouster
Privity
met by an non-hostile nexus, deed, will, inheritance.
Ouster
if AP has come onto the land by force then they cannot tack time, Law does not want AP to benefit from wrongful taking.
Two steps of Conveyance
- Land Sale Contract
2. Closing - the deed becomes the operative document
Land Sale Contract
- SoF. Must be in writing
Finders
secures people in their own possession. Shows ownership. A right by virtue of possession.
Lost
rightful owner can’t find it
Misplaced
forgotten in a place where rightful owner would know to get it. Owner of premise is entitled to possession except the rightful owner
Abandonment
True owner voluntarily relinquished ownership in title and possession. Finder has priority.
Claim of title
AP’s hostile claim
Color of title
written claim on land that is now defective