CH. 42 Personal Property and Bailments
For a gift to be effective, three requirements must be met:
1. Donative intent on the part of the donor (the one giving the gift). 2. Delivery 3. Acceptance by the donee (the one receiving the gift).
Types of Gifts
1. Intervivos 2. Causa Mortis 3. Testamentary
There are two principal types of concurrent ownership:
1. Tenancy in common 2. Joint Tenancy
Tenancy in common
A form of co-ownership in which each of two or more persons owns an undivided interest in the property
Property that has voluntarily been placed somewhere by the owner and then inadvertently forgotten is:
Abandoned property
Testamentary
After death, by will/inheritance
Chattel
All forms of personal property
A causa mortis must meet three requirements:
Donative intent, delivery, and acceptance by the donee
Personal property
Everything else, tangible things, intangible things
A person who holds the entire bundle of rights to property is said to be an owner in:
Fee simple
Mislaid property example
Hayden goes to a movie theater. While paying for popcorn at the concessions stand, she sets her iPhone on the counter and then leaves it there. The iPhone is mislaid property, and the theater owner is entrusted with the duty of reasonable care for it.
Joint Tenancy example
In the preceding example, suppose that Sofia and Greg hold their art collection in a joint tenancy. In this situation, if Sofia dies before Greg, the entire collection will become the property of Greg. Sofia's heirs will receive no interest in the collection. If Sofia, while living, sells her interest to Jorge, however, the sale will terminate the joint tenancy, and Jorge and Greg will become co-owners as tenants in common.
Concurrent ownership
Joint ownership
Property that is involuntarily left is:
Lost property
Causa Mortis
Made by donor in comtemplation of imminent death
Property that has voluntarily been placed somewhere by the owner and then inadvertently forgotten is:
Mislaid property
Tenancy In Common example
Sofia and Greg own a rare art collection together as tenants in common. This means that Sofia and Greg each have rights in the entire collection. (If Sofia owned some of the paintings and Greg owned others, then the interest would be divided.) If Sofia dies before Greg, a one-half interest in the art collection will become the property of Sofia's heirs. If Sofia sells her interest to Jorge before she dies, Jorge and Greg will be co-owners as tenants in common. If Jorge dies, his interest in the personal property will pass to his heirs, and they in turn will own the property with Greg as tenants in common.
Title
The right of ownership in property
A finder of the lost property can claim title to the property against the whole world—except the true owner. (T/F)
True
A person who finds mislaid property does not obtain title to it. Instead, the owner of the place where the property was mislaid becomes the caretaker of the property because it is highly likely that the true owner will return (T/F)
True
Accession means "something added" (T/F)
True
An owner in fee simple is entitled to use, possess, or dispose of the property as he or she chooses during his or her lifetime, and on this owner's death, the interests in the property descend to his or her heirs. (T/F)
True
Many states have estray statutes, which encourage and facilitate the return of property to its true owner and then reward the finder for honesty if the property remains unclaimed (T/F)
True
Someone who finds abandoned property acquires title to it that is good against the whole world, including the original owner. (T/F)
True
Gifts
Voluntary transfer of property ownership from donor to donee for no consideration.
Conversion of Lost Property
When a finder of lost property knows the true owner and fails to return the property to that person, the finder has committed the tort of conversion (the wrongful taking of another's property
Intervivos
While donor is living
Community Property (not in ark)
each spouse technically owns an undivided one-half interest in property acquired during the marriage.
Real property
land and everything permanently attached to it
Property
legally protected rights and interests a person has in anything with an ascertainable value that is subject to ownership
If confusion occurs as a result of agreement, an honest mistake, or the act of some third party, the owners share:
share ownership as tenants in common and will share any loss in proportion to their ownership interests in the property
Confusion
the commingling (mixing together) of goods to such an extent that one person's personal property cannot be distinguished from another's.
Accession occurring in good faith:
the owner normally still retains title to the property but usually must pay for the improvement
Accession occurring in bad faith:
the owner retains title to the property and normally does not have to pay for the improvement
Joint Tenancy
two or more persons owns an undivided interest in the property, but a deceased joint tenant's interest passes to the surviving joint tenant or tenants.
Accession occurs when:
when someone adds value to an item of personal property by the use of either labor or materials.