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36 terms

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.