Wisconsin Property Flashcards
Establishing Periodic Tenancy
If a tenant 1) enters into possession under a lease for more than 1 year, 2) does not satisfy the SoF, and 3) pays rent on a periodic basis, the tenant becomes a periodic tenant.
Periodic Tenancy
In Wisconsin, a periodic tenancy can be terminated by notice only at the end of a rental period. At least 28 days’ notice must be given for a month-to-month tenancy. Notice must be in writing and substantially inform the other party of the intent to terminate the tenancy and the date of the termination. Notice given late is treated as effective for the following period.
Assignment
In Wisconsin, a period tenant less than year-to-year or a tenant at will may not assign or sublease without the agreement or consent of the landlord. The landlord may waive this if they know of the assignment/sublease and do not object. The original tenant remains liable.
Wisconsin’s Recording Statute
Wisconsin has adopted a race-notice statute. Every conveyance that is not recorded is void against a subsequent purchaser, in good faith and for valuable consideration, of the same real estate, whose conveyance is recorded first.
Treasure Trove
Wisconsin recognizes treasure troves. Someone who finds a treasure trove, even if a trespasser, can retain ownership against anyone but the true owner.
Bona Fide Purchaser
A BFP who lacks notice of conversion can acquire good title if : the property is money or a negotiable instrument, 2) the converter acquired title by fraud in the inducement, or 3) the true owner entrusted the goods to a seller of that kind and the buyer is a buyer in the ordinary course of business.
Lost Property
Lost property is accidentally mislaid. Owners who lose their property do not immediately loser title. The question of who claims possession–except against the true owner–may depend on where the property is found, by whom, and whether a reasonable person would believe the property was lost or mislaid.
Abandoned Property
Someone who abandons his property loses title. Personal property is abandoned when the owner has the full intention to leave the property and give up title and possession.
Accession
If there is confusion as to who owned an improved chattel–either the base goods or those used for repair–and the improvement cannot be separated from the property—ownership is determined by whether the trespasser acted in good faith.
Bailment
A bailment is created when goods are lawfully delivered by the owner to a person (bailee) who accepts possession. The bailee must: 1) physically possess the property with intent to exercise control over it, 2) consent to the bailment, 3) be aware that the property exists
Replevin
Wisconsin has incorporated common-law replevin. A plaintiff bringing an action for replevin may also recover for an item’s detention
Gift
A voluntary transfer of property without payment or consideration. Promises to make gifts in the future are not binding; the gift occurs when the transaction takes place. Inter vivo gifts require: 1) donor’s present inane and mental capacity to make the gift, 2) delivery, and 3) acceptance
Constructive Delivery
When the donor. gives the donee the means of taking possession of the gift, along with the acts and declarations that show intent to divest control of the property
Bailee’s Duty of Care
1) If the bailment is solely for the bailor’s benefit, the bailee’s conduct should be considered under a theory of ordinary negligence.
2) When both parties benefit, the bailee owes ordinary care.
3) When the bailment is solely for the benefit of the bailee, the bailee owes great diligence and will be liable for even slight negligence.
Professional Bailees
Professional Bailees cannot completely waive their duty, and they must limit it expressly. Limitations are valid only if it can be proven that the limitations are valid and the bailor read the notice or should have read the notice.
