Property Outline(IB)_ashley - I. Property A. Property is a...

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I. Property A. Property is a Bundle of rights: 1. Possess 2. Transfer 3. Exclude 4. Use and control B. Property is Either 1. Real—includes real estate and fixtures 2. Tangible personal property—can actually touch or wrap your arms around. 3. Intangible personal property—can not be touched physically (bank accounts, patents, insurance proceeds, stocks, bonds, and similar items). II. First Possession A. Acquisition by Discovery—first in time who uses the land beneficially. 1. Johnson v. M’intosh a. Holding: Indians, having no title to the land, are merely occupants of the land, and deemed incapable of transferring title to others. b. Policy: we need some certainty as to who land belongs when property disputes arise. c. ROL—discovery of land in America by European Power gives absolute title subject to Indian right of occupancy. 2. Occupancy theory and the principle of first in time
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3. John Locke’s Labor theory —A person owns himself and his own labor, and when he mixes that labor with something unowned in nature, then that person owns the finished product. 4 . Utilitarian Theory —dominant view of property today—a primary function of property rights is to promote the efficient use of resources. Government gives those rights, they are not absolute. B. Acquisition by Capture 1. Pierson v. Post a. Holding: ferae naturae (wild animals) can only be acquired by actual possession. Possession can be had by mortally wounding or ensnaring them. b. Dissent--Customary rules should apply in settling ownership of property. Public policy would be better served this way. 2. Ghen v. Rich a. Holding: court uses custom of whaling industry to solve problem. b. Policy: customs of certain industries should be followed in order to promote and sustain that industry, but should be limited to that industry only. 3. Keeble v. Hickeringill a. Holding: Hickeringill was the bad guy in this case b/c he was tortuous interfering with Keeble’s capture of the ducks which he used to sell in the markets. b. Policy: competition is good, but only fair competition.
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c. ROL—a person may not maliciously interfere with another from capturing wild animals in pursuit of his trade. 4. ratione soli (constructive possession) —a land owner has constructive possession of wild animals on the owner’s land. Land owners are regarded as the prior possessors of wild animals on their land until the animals take off. When that animal leaves it is considered abandoned and belongs to the next first possessor. 5. Hypo : B trespassed on A’s land and captured a wild animal, but later C trespassed on B’s land and took that same animal. Who has legal ownership between B and C? B does (first possession even among wrongdoers). What if A came onto B’s land and took the animal back, and B sues A for the animal? A wins b/c she had constructive possession of the animal. 6.
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Property Outline(IB)_ashley - I. Property A. Property is a...

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