Chapter 20 Questions

Chapter 20 Questions - Chapter 20 Questions 1. What is...

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Chapter 20 Questions 1. What is community property, and how many states recognize it? Community property is property (except a gift of inheritance) that is acquired by the personal efforts of either souse during marriage and which, by and which by law belongs to both spouses equally. The states that are recognized are: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. 2. When may someone who finds lost property claim ownership of it? A person may claim property when they try to find the owner of the property and they don’t claim it, and thus they become the owner. 3. How has the Abandoned Shipwreck Act of 1987 affected the law of finds and the law of salvage? The law of finds gives ownership to the finder if all of the following apply: 1) the property is abandoned, 2) the finder intends to acquire the property, 3) the finder has possession of the property. The law of salvage gives the salvor (the one who salvages) the right to compensation for assisting a founding vessel. The act also gives states the right of
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Chapter 20 Questions - Chapter 20 Questions 1. What is...

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