FBE 403 - Ch 47 - Personal Property and Bailment

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Two kinds of property

Real and personal property

Real property

Land and property that is permanently attached to it (buildings, trees, soil, minerals, timber, plants, air, light, water

Fixtures

Personal property that has become so affixed to the land that it has ceased being personal property

Personal Property

Everything that is not real property

Personal Property Catagories

Tangable and intabgible property

Tangible property

physically defined personal property

Intangible property

Rights that cannot be reduced to physical form ie trademarks, copyrights, stocks, etc.

Acquisition of personal property

1. possession 2. purchase 3. produce 4. confusion 5. accession

Possession

Acquire ownership by force, keepin under dominion and control of another ie wild animals

Purchase

Bill of sale (legal doc proving transfer of property )

Produce

Property created from raw materials

Confusion

When fungible goods are commingled - take in proportion to the amount of goods contributed

Accession

When value of property increases BECASUE it is added to or improved by natural or manufactured means

natural accession

belongs to owner

wrongful improvements

owner acquired title to improvements and not liable for improvements

mistaken improvements

if improvement can be easily separated, improver must remove and pay for damages.

Gifts of Personal Property

A culuntary transfer of TITLE to property without consideration by the donee

Elements of a Gift

1. Must be Intentional 2. Bust be delivered 3. Must be accepted

Inter vivos gifts

giftes made while donor is alive, always irrevocable

Causa Mortis Gifts

Gifts made in contemplation of death, irrevocable if 1) made incontemplation of impending death and 2) donor dies from the sickness without having revoked the gift

Lost/mislaid property

types: mislaid, lost, and abandoned

mislaid property

1)voluntarily placed 2)forgotten
- Owner entitled to return, owner of property where mislaid becomes bailee

Lost Property

1) involuntarily left
- finder of the property entitled to possession against everyone except the true owner

Estray statute

Permitts finder of mislaid or lost property to take title to property if 1) reported to gov agency 2) found property is advertised 3) time elapses for true owner to claim it

abandoned property

1) intentionally abandoned or 2) owner of mislaid property gives up subsequet efforts to find
- finders entitled to title even against owner

Bailments

Delivery of personal property to another without transfer of title for a particular purpose ie for storage, transportation, repair, etc

Elements of Bailment

1) must be personal property 2) delivery and possession - bailee has exclusive control and knowingly receives 3) in writing if for more than one year

types of bailment

1) benefit of bailor 2) mutual benefit of bailor and bailee 3) benefit of bailee

Benefit of bailor

for the sole benefit of the bailor, no consideration paid, bailee owes slight duryt of care

mutual benefit for bailor and bailee

owes duty to reasonably protect property, most common type that often involves payment for some form of storage

benefit of bailee

when an item is lent for the benefit of bailee, bailee owes duty of utmost care

bailment duration and time

1) Generally 2) fixed term 3) at will

Special forms of bailment

ex. warehouse compnaies, common carriers, inkeepers

warehouse companies

- store property for compensation
- owes duty of reasonable care
- Only liable for losses due to their own negligence
- warehouse receipt for the documenting of items stored and purposes of placing a lien

common carrier

-offer transportation services to public
- held to duty of strict liability, except for extenuating circumstances
- can limit their liability to a limited dollar amount
- Bill of lading is their form of warehouse receipt

inkeeper

-owner of a facilliyt that provides lodging to the public fror compensation
- held to a standard of strict liability, except for when there is a safe in the room of dollar amounts are placed on the door.

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