PropertyIOutline - Downloaded From I...

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Unformatted text preview: Downloaded From I. CHAPTER 1--FIRST POSSESSION TERMS Property- the exclusive right someone has to possess, use, enjoy, and dispose of anything he owns. These are the bundle of legal rts and responsibilities that accompany a given object including duties, titles, rts, and responsibilities. Two types of property: ● Real Property- land and realty ● Personal Property- Chattel (readily moveable objects) Possession- involves an assertion of a right to exercise dominion and control Two kinds of Possession: ● Actual Possession- direct and physical control over something ● Constructive Possession- exercising control over something while it is not in his actual possession (a legal fiction) Occupy- just being on the land Ownership-when a person has title to property. Someone can own property without having possession. Alienate- to transfer or convey title to property Inalienable- not capable of being transferred or taken away Fiduciary Duty- Duty to act for the benefit of another, duty of good faith. A. Acquisition by Discovery Entails the sighting or finding of unknown or unchartered territory. Johnson v. Macintosh- Conquest gives title to the conqueror. The discovery of the occupied Indian lands of this nation vested absolute title in the discoverers, and the Indians were incapable of transferring absolute title to others. B. Acquisition by Capture If captured, the wild animal belongs to the captor however, the wild animal does not become possession of control until it is: mortally wounded, killed, or captured so that escape is impossible. Ratione Soli- by reason of ownership of the soil do you have rts to acquisition of the animal One losses their rts in wild animals when they regain their natural liberty unless animal exhibits animum revertendi- habit of returning. Pierson v. Post- Being in pursuit of fox does not amount to occupancy. Ghen v. Rich- Court held that usage of marking a whale to recover later is valid and did constitute an occupancy in the whale. P had done all the practical measures to secure the whale. Custom can be enforced when it meets certain conditions. Keeble v. Hickeringill- Court held that when a violent, or malicious act is done to a man’s occupation, profession, or way of getting a livelihood, then an action lies in all 1 Downloaded From cases. Invisible Hand Theory- the desire to enrich oneself, which will benefit society as a whole (Adam Smith) Natural Resources- Takes on same rules as wild animals, belong to the owner of the property there are on until they leave/escape. C. Acquisition by Creation Any expenditure of mental or physical efforts as the result of which there is created an entity, whether tangible or intangible, vests in the person who brought the entity into being, a proprietary rt to the commercial exploitation of that entity, which rt is separate and independent from the ownership of that entity....
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This note was uploaded on 04/17/2008 for the course LAW ? taught by Professor Harmon during the Fall '08 term at Touro NY.

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PropertyIOutline - Downloaded From I...

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