Terms in this set (34)
Delivery of personal property without transfer of title, by one person (bailor) to another (bailee)
bailments are used to:
Loan, lease, store, repair, or transport property
Elements of a Bailment:
1. Personal Property
2. Delivery of Possession (without title)
3. Agreement that property will be returned to bailor (same or better condition) or otherwise disposed of according to its owner's direction
substitute, or symbolic delivery.
Example: a Car, car keys. Delivery is satisfied.
Rights of the Bailee
1. Right of Possession
2. Right to Use Bailed Property
3. Right of compensation, reimbursed for csts (except in gratuitous bailment)
4. Right to Limit Liability
Duties of the Bailee:
1. Take appropriate care of the property
2. to surrender or dispose of the property oat the end of bailment
Duties of Bailor:
1. Duty to compensate the bailee either as agreed or as reimbursement for costs by bailee in keeping the bailed property
2. Duty to provide the bailee with goods or chattels that are free from known defects that could cause injury
7 legal ways to acquire ownership in property
1. Bona Fide Purchase
1. Bona Fide Purchase or by Will
Purchase Property or acquired by will or inheritance
from raw materials
Ownership may acquired by possession if no other person has ownership title
Example: capturing wild animals or finding abandoned property No prior owner
• Belongs to the finder
• Belongs to the property owner where it is mislaid
• Belongs to the finder
5. Donation or Gift
1. Delivery (physically or constructively
2. Intent - There is evidence of intent
3. Acceptance - The gift is accepted by donee
someone adds value to pice of property by use of labor or materials, value generally becomes the property of the owner of original property
a. Bona Fide
1. Degree of Change
2. $ (significant change in value)
Good Faith Accessions
Substantially increase property value or change identity of the property may cause title to pass to the improver
Fungible - not distinguishable from another unit of the same type, identical particles, such as grain or oil
e.g. money - $5 bill vs 5x$1bills
If wrongful, innocent party acquires title to the whole
If innocent, owners share ownership of the commingled goods in proportion to amount each contributed
Property that has been voluntarily placed somewhere by the owner and then inadvertently forgotten.
Owner of place becomes caretaker, not owner.
Example: left iphone at movie theater, likely owner return
Property that is involuntarily left
-Finder of lost property can claim title to lost property against the whole world, besides the true owner.
Property that has been discarded by the true owner with no INTENTION of reclaiming title to it.
If someone finds abandoned property acquires title to it, title is good against whole world, including the original owner
When finder of lost property knows the true owner and fails to return the property, the finder is guilty of....
encourage and facilitate the return of property to its true owner then reward finder for honesty
consists o land and the buildings. plants, and trees
land and structures, includes airspace and subsurface rights, plant life and vegetation, and fixtures
Fee Simple Absolute
A person who holds the entire bundle of rights.
Owner has greatest rights, privileges and power possible
Infinite in Duration
Last for the life of specified individual
Cannot use for adverse affects (reduce value)
Tenancy in common and Joint tenancy
Tenancy in Common
co-ownership two or more persons owns an undivided interest in property, each owner owns rights to whole property
Death, passes to heirs
Ownership 4 tenants in common own interest (1/4) in the whole
Each of two or more persons owns an undivided interest in the property, deceased interest passes to surviving tenants
Right of survivor-ship
Tenancy by the Entirety
created by conveyance (transfer) of real property to a husband or wife
Only transfer in death
A divorce, mutual agreement, or death will terminate tenancy
Tenancy at Sufferance
Mere possession without right, not a true tenancy because wrongfully retains possession.
Limited number of states allow property to be owned by a married couple.
Each spouse technically owns an undivided one-half interest in the property.
After divorce divided equally. or discretion
Public vs. Private Property:
Private property, property owned by legal persons or business entities
Public property, state owned or publicly owned and available possessions.
dedicated to the use of the public. It is a subset of state property. The term may be used either to describe the use to which the property is put, or to describe the character of its ownership
Gift Inter Vivos
A gift made during the donors lifetime
Gift Causa mortis
is made in contemplation of imminent death.
1. donor dies of contemplated illness or diseas
2. intent, delivery, and acceptance
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