12 terms

Personal Property

Fixtures are chattels annexed to real property. The greater the annexation to realty, the stronger the indication that the chattel was meant to permanently improve the property and will, presumably, pass with the property. Tenants are permitted to remove fixtures that they install if they do so before expiration of the lease and repair any damage caused by removal.
Wild Animals
Wild animals are owned by the state. A person can become the owner of a wild animal by capturing or killing it in compliance in game laws. If the animal later escapes, ownership reverts to the state.
Lost Property
If an owner accidentally and involuntarily parts with his possession, and does not know where to find it, the item is lost. Belongs to the finder unless and until the true owner is located.
Mislaid Property
If the item was intentionally placed somewhere and thereafter forgotten, it has been mislaid. Belongs to the owner of land where the property was mislaid unless and until the true owner is located.
Abandoned Property
If an owner intended to give up both title and possession, the item is abandoned. Generally belongs to the finder.
Accession is the addition of value to property by the expenditure of labor or the addition of new materials. A trespasser cannot recover for accessions. The owner may seek conversion damages (original value plus consequential damages). The owner can instead seek replevin (return) of the item unless the accession has completely changed the nature of an item (e.g., timber changed into furniture).
Confusion is the intermixture of personal property owned by different owners such that it can no longer be distinguished. If the proportion is known, the property is split accordingly. If it is unknown, it is split in half in cases of innocent confusion, or it is awarded to the innocent party if the confusion is willful (the wrongful mixer can recover a portion but has the burden of proving what portion belongs to him).
Adverse Possession (OCEAN)
Same elements as in real property, except the statute of limitations is 3 years. Open and notorious; Continuous; Exclusive; Actual; Nonpermissive/Adverse.
Gifts Inter Vivos (while alive) (IDA)
Valid gifts require donative intent, delivery of the gift, and acceptance of the gift. Intent is present if the donor wishes to make an effective gift of her property; acceptance is presumed if the gifted is beneficial to the donee but can be refused by an affirmative act; delivery is accomplished symbolically (e.g., in a writing), actually (e.g., in-hand delivery), or constructively (e.g., gifts the contents of a safety deposit box with delivery of a key to that box).
Causa Mortis Gifts (Deathbed Gifts)
A gift given in contemplation of death has the same requirements as an inter vivos gift (intent, delivery, acceptance); applies only to personal property; and if the donor does not die, the gift is automatically revoked.
A bailment is the delivery of personal property by the bailor to the bailee upon an express or implied contract. Upon completion of the contract, the goods must be redelivered to the bailor. When the bailment is for the sole benefit of the bailee, great diligence is required. When the bailment benefits both the bailee and the bailor, ordinary due care is required. When the bailment only benefits the bailor, gross negligence/wanton misconduct is necessary for liability to attach.
Rights Against Third Parties for Damage to Bailment
Where a third party has caused damage, loss, or interference with a bailed good, either the bailor or the bailee may seek recovery, but not both.