Acquisition and Loss of Right or Title to Personal Property Flashcards
(31 cards)
Ownership
Belongs to the person who acquires actual or constructive dominion and control over it and has the intent to assert ownership
Lost Property
Whether a reasonable person would judge that the owner had accidentally and involuntarily parted with possession of the property and does not know where to find it
The key factor is the place where property is found
Mislaid Property
When it can be reasonably be determined that the property was intentionally placed there and thereafter forgotten; judge by the placed where found
Abandoned Property
Where the owner intends to relinquish the property without intending transfer of title and carries out the intention by external act
Finder of Lost/Mislaid Property
Has a right to possess against all but the true owner if the actual owner is not found within 6 months
Must first report and deliver the property to local law enforcement, after 6 months if unclaimed, returned to finder
Rights and Duties of Possessor
Statutory duty to report
Duty to find the true owner
Duty of due care
Uniform Unclaimed Property Act/ Safety Deposit Box Rule
Property in a safety deposit box is presumed abandoned if the owner does not claim or demonstrate an interest in it for three years. Property transfers to state
Accession
Addition in value to property by the expenditure of labor or the addition of new materials
Accession by Innocent Trespasser
Generally, owner retains title and trespasser cannot sue for compensation.
Exception: where species of property has completely changed or enhanced in value to a great extent, the owner may not recoup the chattel but may sue for damages
Accession by Willful Trespasser
No ownership rights
Original owner entitled to property in improved state
Known Contributions
Parties are tenants in common in proportion to their respective interests
Unknown Contributions
If innocent, owners are tenants in common of the mass and share equally
If wrongful, the burden is on the wrongdoer to identify his goods or the entire mass belongs to the innocent party
Replevin
Action to recover the chattel itself
Trespass
Action to recover money damages incurred by reason of dispossession
Conversion
Forced sale based on the value of the chattel as of the date of conversion and tutle becomes vested in the converter by operation of law
Statutory Conversion
remedy against one who steals/embezzles/converts property to own use and/or one who buys/receives/aids in the concealment of stolen/embezzled/converted property with knowledge that the property is stolen/embezzled/converted
The party may recover 3x the amount of actual damages plus costs and reasonable atty fees
Gift
A gift is a present voluntary transfer of property without any consideration or compensation
Gift Inter Vivos
Requires:
- Donative Intent- present mental capacity and intent to make an effective gift
- Delivery
Actual Physical Delivery
Donee has acquired dominion and control over the subject matter of the gift
Constructive Delivery
Where impossible or impracticable to deliver an item, substitute delivery is proper where the donor surrenders as much control over the subject matter of the gift as he presently possesses
Delivery by Written Instrument
Effectual if the writing manifests donative intent, describes the subject matter, signed by the donor, and is delivered
Symbolic Delivery
When manual delivery is impossible/impracticable, the donor may hand over some object that is symbolic of the actual item
Donee Already in Possession
If donee is already in possession of the article, donor need not repossess and return the article to donee
Gift through Agent
If donee has an agent, the gift is effective when the donor delivers to the agent
If donor has an agent, the gift is effective when the agent delivers to the donee
