Personal Property - Assignment Essays

question

What are the six rights of ownership?

answer

(1) Possession
(2) Exclusion
(3) Transfer
(4) Destruction
(5) Use
(6) Profit

question

What are the six types of property?

answer

(1) Chattels
(2) Land surfaces
(3) Land sub surfaces
(4) Water
(5) Air space
(6) Intagibles

question

What is possession?

answer

control of object with intent to maintain control

question

What are the 6 elements of Adverse Possession ?(Traditional Rule)

answer

(1) Hostile
(2) Actual
(3) Continuous
(4) Visible
(5) Exclusive
(6) for a period within S.O.L.

question

What is a bailment?

answer

Exists when one party is out of possession but another party is in possession

question

Actual Possession

answer

where the party physically controls the object

question

Bailment for Hire

answer

Created by agreement
Bailee is paid compensation

question

Hostile (Adverse possession element)

answer

Without owner's permission

question

Exclusive (Adverse possession element)

answer

Owner is never in possession

question

What is constructive possession?

answer

Rather than controlling the property, the area in which the property is located is controlled

question

How can you obtain title to abandoned property?

answer

Title to abandoned property can be obtained by taking possession of the property

question

Continuous (Adverse possession element)

answer

Possession is not surrendered

question

Traditional Duty of Care

answer

Bailee's duty depends on the type of bailment
bailment for hire- great care
gratuitous bailment- reasonable care
constructive bailment- slight care
apply when property is damaged while in bailee's possession

question

Constructive (involuntary) bailment

answer

not created by agreement

question

Actual (adverse possession element)

answer

not constructive possession

question

Visible (adverse possession element)

answer

possession can be perceived

question

4 elements of discovery rule

answer

The disposition occurred longer than the SOL period
For at least that period the true owner knew or should have known
The dispossession had occurred AND
who was in possession of property

question

"Should of Known"

answer

Requires the true owner to take reasonable steps to find out the information

question

Gratuitous bailment

answer

Created by agreement
Bailee is not compensated

question

Abandoned property

answer

To be abandoned property:
It must have been previously owned
Its original owner must have surrendered possession
Its original owner must intend not to seek re-possession

question

Conversion

answer

Loss or destruction of property

question

Naturally placed property

answer

property placed on land by natural forces belongs to the party who owns the "locus in quo" (place in question)

question

Modern Duty of Care

answer

bailee must exercise reasonable care under all of the circumstances including the type of bailment

question

Accretion

answer

the owner's rights to soil deposited on his or her land due to natural forces
accretion law is a response to the forces of erosion and gravity

question

riparian rights

answer

the interest a title holder has to the water in a river or lake on the property

question

Replevin

answer

Action at law
Seeks the return of a specific item of personal property
Property must be unique rather than fungible

question

Who has right of possession to lost property?

answer

in a public place- finder of the property
in a private place- owner of the place

question

Who has right of possession for abandoned property?

answer

First person who takes possession

question

Who has right of possession for naturally placed objects?

answer

owner of the land (locus in quo)

question

Constructive possession

answer

where the party controls the space in which the object is located

question

3 elements of equitable estoppel (bona fide purchaser)

answer

1. the purchaser must pay value
2. the purchaser must buy in good faith
3. the true owner must cloak the vendor with an indicia of title

question

Non-freehold estates

answer

based on the passage of time

question

Voidable title

answer

Legally effective until canceled- title exists until properly challenged by the true owner

question

Void title

answer

Without legal effect (no title ever existed)

question

Bona fide

answer

Real, legitimate, done in good faith

question

Estate

answer

Legal interest in land

question

Intangible property

answer

Cannot be touched
Examples include "choses in action"

question

Tangible property

answer

Can be touched
Known as "chose in possession"

question

Immovable

answer

tangible things that are part of earth
also known as, "land", "real property", "real estate"

question

Freehold estates

answer

last at least as long as someone's life

question

Donative Transfer

answer

A conveyance of ownership without receiving value in return (a gift)

question

3 Donative Transfer Elements

answer

1. Delivery of the thing
2. Acceptance or Rejection
3. Intent to give it

question

3 Types of Delivery

answer

1. Actual
2. Constructive
3. Symbolic

question

Actual Delivery

answer

The thing, itself, is transferred

question

Constructive Delivery

answer

Complete legal control of the thing is transferred

question

Symbolic Delivery

answer

one things is delivered to represent another (ex. keys for a car)

question

Gift Inter Vivos

answer

donative transfer occurring during the lifetime of the donor

question

Gift Causa Mortis

answer

gift of personal property made by a party in expectation of death, then imminent, and upon the essential condition that the property shall belong fully to the donee in case the donor dies as anticipated, leaving the donee surviving him, and the gift is not in the meantime revoked, but not otherwise

question

Lost Property

answer

Property out of the possession of the true owner without the true owner realizing it, but not abandoned

question

Mislaid property

answer

Property placed out of the possession of the true owner intentionally where the owner forgets to maintain possession, but not abandoned

question

Who has right of possession to mislaid property?

answer

If someone controls the locus in quo, then that person has right of possession
otherwise, the finder has the right of possession

question

Treasure Trove

answer

Some types of property hidden out of possession of the true owner intentionally where the owner intended not to regain immediate possession

question

Who has the right of possession to treasure trove property?

answer

The finder

question

Statutory Estoppel Elements

answer

· The owner must entrust property to a merchant who deals in that kind of property
· The buyer must purchase the property in the ordinary course of business
· The buyer must purchase the property in good faith
· The buyer must purchase the property without knowledge of the true owner's title
· The buyer must have paid value

1 of 54

question

What are the six rights of ownership?

answer

(1) Possession
(2) Exclusion
(3) Transfer
(4) Destruction
(5) Use
(6) Profit

question

What are the six types of property?

answer

(1) Chattels
(2) Land surfaces
(3) Land sub surfaces
(4) Water
(5) Air space
(6) Intagibles

question

What is possession?

answer

control of object with intent to maintain control

question

What are the 6 elements of Adverse Possession ?(Traditional Rule)

answer

(1) Hostile
(2) Actual
(3) Continuous
(4) Visible
(5) Exclusive
(6) for a period within S.O.L.

question

What is a bailment?

answer

Exists when one party is out of possession but another party is in possession

question

Actual Possession

answer

where the party physically controls the object

question

Bailment for Hire

answer

Created by agreement
Bailee is paid compensation

question

Hostile (Adverse possession element)

answer

Without owner's permission

question

Exclusive (Adverse possession element)

answer

Owner is never in possession

question

What is constructive possession?

answer

Rather than controlling the property, the area in which the property is located is controlled

question

How can you obtain title to abandoned property?

answer

Title to abandoned property can be obtained by taking possession of the property

question

Continuous (Adverse possession element)

answer

Possession is not surrendered

question

Traditional Duty of Care

answer

question

Constructive (involuntary) bailment

answer

not created by agreement

question

Actual (adverse possession element)

answer

not constructive possession

question

Visible (adverse possession element)

answer

possession can be perceived

question

4 elements of discovery rule

answer

The disposition occurred longer than the SOL period
For at least that period the true owner knew or should have known
The dispossession had occurred AND
who was in possession of property

question

"Should of Known"

answer

Requires the true owner to take reasonable steps to find out the information

question

Gratuitous bailment

answer

Created by agreement
Bailee is not compensated

question

Abandoned property

answer

To be abandoned property:
It must have been previously owned
Its original owner must have surrendered possession
Its original owner must intend not to seek re-possession

question

Conversion

answer

Loss or destruction of property

question

Naturally placed property

answer

property placed on land by natural forces belongs to the party who owns the "locus in quo" (place in question)

question

Modern Duty of Care

answer

bailee must exercise reasonable care under all of the circumstances including the type of bailment

question

Accretion

answer

the owner's rights to soil deposited on his or her land due to natural forces
accretion law is a response to the forces of erosion and gravity

question

riparian rights

answer

the interest a title holder has to the water in a river or lake on the property

question

Replevin

answer

Action at law
Seeks the return of a specific item of personal property
Property must be unique rather than fungible

question

Who has right of possession to lost property?

answer

in a public place- finder of the property
in a private place- owner of the place

question

Who has right of possession for abandoned property?

answer

First person who takes possession

question

Who has right of possession for naturally placed objects?

answer

owner of the land (locus in quo)

question

Constructive possession

answer

where the party controls the space in which the object is located

question

3 elements of equitable estoppel (bona fide purchaser)

answer

1. the purchaser must pay value
2. the purchaser must buy in good faith
3. the true owner must cloak the vendor with an indicia of title

question

Non-freehold estates

answer

based on the passage of time

question

Voidable title

answer

Legally effective until canceled- title exists until properly challenged by the true owner

question

Void title

answer

Without legal effect (no title ever existed)

question

Bona fide

answer

Real, legitimate, done in good faith

question

Estate

answer

Legal interest in land

question

Intangible property

answer

Cannot be touched
Examples include "choses in action"

question

Tangible property

answer

Can be touched
Known as "chose in possession"

question

Immovable

answer

tangible things that are part of earth
also known as, "land", "real property", "real estate"

question

Freehold estates

answer

last at least as long as someone's life

question

Donative Transfer

answer

A conveyance of ownership without receiving value in return (a gift)

question

3 Donative Transfer Elements

answer

1. Delivery of the thing
2. Acceptance or Rejection
3. Intent to give it

question

3 Types of Delivery

answer

1. Actual
2. Constructive
3. Symbolic

question

Actual Delivery

answer

The thing, itself, is transferred

question

Constructive Delivery

answer

Complete legal control of the thing is transferred

question

Symbolic Delivery

answer

one things is delivered to represent another (ex. keys for a car)

question

Gift Inter Vivos

answer

donative transfer occurring during the lifetime of the donor

question

Gift Causa Mortis

answer

question

Lost Property

answer

Property out of the possession of the true owner without the true owner realizing it, but not abandoned

question

Mislaid property

answer

Property placed out of the possession of the true owner intentionally where the owner forgets to maintain possession, but not abandoned

question

Who has right of possession to mislaid property?

answer

If someone controls the locus in quo, then that person has right of possession
otherwise, the finder has the right of possession

question

Treasure Trove

answer

Some types of property hidden out of possession of the true owner intentionally where the owner intended not to regain immediate possession

question

Who has the right of possession to treasure trove property?

answer

The finder

question

Statutory Estoppel Elements

answer

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