Dzienkowski Property Outline 2

Dzienkowski Property Outline 2 - I) Finder's Laws II)...

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I) Finder’s Laws II) General Rule a) Finder has ownership rights against all but the true owner, but he gains relative rather than true rights (usually). i) Armory v. Delamire : chimney sweep has right to possess jewel over all but true owner. b) Policy : Goals of finder’s laws i) Labor (1) Reward finders to encourage work and extra effort expended, etc. (2) Inaction of true owner is punished, unless he/she undertakes an effort to locate property. (3) ii) (1) Discourage stealing (encourage good citizenship). (2) Give protection to finder to encourage them to bring it to light. Prevents unlawful acquisition from 1st finders ( Armory ). (3) Finder closest link to TO (proximity & location of found property) so this protects the rightful interests. (4) Finder has best claim – 1st to discover (Hierarchy of Finders). (5) Value of property shall be the highest value for equivalent – encourages unlawful possessor to return property (Armory – unlawful possession of jewel). iii) Social Policy (1) Bring the item back to the original owner, which is the most desirable outcome. (2) Clear rule keeps it with person the original owner is most likely to return to looking for their stuff (this is stronger for a mislaid than for a lost item). iv) Expectations : (1) People expect ownership rights to go to 1st finder. v) Economic Efficiency (Vesting Clear Rights) (1) Bring item back into commerce for economic efficiency; give it to person who will use it. (2) Puts resources back in stream of commerce , gives incentives to invest and use resources efficiently, encourages efficient use of resources. (3) Statutes sometimes cut off true owner’s rights after a time in order to vest clear rights and bring item back into commerce (protect finder). vi) : (1) Bright line rule eliminates excessive (case-by-case) litigation. (2) Society benefits by assigning ownership rights to 1st finder b/c it establishes clear owner & puts object back into stream of commerce. vii) Fairness (1) Protect reasonable expectations of the finder. (2) Give item to person who is more “deserving” (clean hands). viii) Possession (1) An act of control is easier to determine objectively. “Ownership rights” part of the bundle of sticks. III) Things to Consider : a) Location of the Item : Can determine how much right the finder has to the item. i) Public : (1) In a public place, the landowner has ceded rights to a much larger group. Rewards the finder because landowner has given up more rights.
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(2) In a public place, landowner is not deemed to have constructive possession of all property lost or abandoned by customers. (a)
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This note was uploaded on 08/28/2008 for the course LAW 431 taught by Professor Dzienkowski during the Spring '08 term at University of Texas.

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Dzienkowski Property Outline 2 - I) Finder's Laws II)...

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