Property1-JR - Property I Outline Fall 2002 Professor Rohan I What is property Property a bundle of rights with respect to any given item and not

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Property I Outline Fall 2002 Professor Rohan I. What is property? Property – a bundle of rights with respect to any given item and not the item itself, i.e. legal relations between persons with respect to a thing. a. Blood transfusion and organ transplants Green v. Commissioner of Internal Revenue : Sale of plasma is treated as sale of goods (included in gross income) not a sale of property (capital asset). United States v . Garber : A wrong assumption with regard to the requirement to report plasma sale proceeds as income (from sale of goods) doesn’t qualify as tax abating as the law is not clear on whether plasma should be treated as property. b. Does the tenant under a long term lease has a right to act as an owner of the property? New Port Associates v. Solow : The tenant may not take air rights, no guarantee the tenant will live through the term of the lease the air rights, however, will be permanently affected. - The court rejected the argument that for air rights not to be passed to a tenant the landlord should negate such passage in a lease. Aside : The courts will rarely promote social waste. Hypo : A building was approved and built under old zoning law for 40 stories. A permit has expired after 18 months and wasn’t renewed by oversight by the time building was completed. New zoning law allowed for 20 stories only. The court was faced with an issue of whether to promote social waste by tearing down the building as prescribed by new law or to set a precedent that one could build without a permit and get away with it. 1
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- The court fined the builder $100,000 but did not order to tear down the building. - Are licenses, public benefits programs and similar entitlements property? II. The Concept of Possession Possession – the seizing or holding of personal property, with or without a claim of ownership. Elements: 1) intent to possess on the part of the possessor 2) his actual seizure or holding of the property Constructive possession – has the same effect in law as actual possession but is not possession in fact (near possession). a. Pursuit of Wild Animals (Ferrae Naturae”) - The exercise of dominion and control over a wild animal constitutes possession of an animal and ownership is vested in the possessor. - Mortally wounding or trapping an animal or fish constitutes constructive possession, provided the hunter pursues the wounded animal, and in case of trapping capture is virtually complete. * Mere pursuit of a wild animal does not create a property right. - A trespasser’s title to a killed or captured animal is inferior to that of the land’s owner. - The owner of a captured animal loses title if the animal escapes and resumes natural state. Exception
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This note was uploaded on 02/18/2008 for the course LAW 1020 taught by Professor Dilorenzo during the Fall '99 term at St. Johns Duplicate.

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Property1-JR - Property I Outline Fall 2002 Professor Rohan I What is property Property a bundle of rights with respect to any given item and not

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