By Rob Luker
“ – “ (dash): Chapter objectives assigned by Prof. Wears
Bold, Size 12, Times New Roman font: Vocabulary word
- Define real and personal property.
the land and everything permanently attached to it.
Everything else not attached; anything capable of being moved
- Define and explain the concept of fixture
Personal property that is attached to the Real property. Ex: the sale of a house
includes the garage, cabinets, plumbing, windows, etc. These would be included in the
sale unless noted otherwise.
- State and define the methods for acquiring ownership of personal property.
1. Inheritance – through a will
3. Possession – killing a wild animal gives you ownership. Exceptions:
a. If trespassing, the animal belongs to the landowner
b. Violation of game statues, animal belongs to the state
5. Gift – must have intent, delivery, and acceptance
- Explain how ownership rights are transferred by inter vivos gift and gift causa mortis.
gift made during the donors lifetime. Intent, delivery, acceptance.
gift made after a donors lifetime. Still need Intent (in the will),
Delivery (by the estate), and Acceptance (by the done). Causa Mortis gifts can be
revoked any time up to death and is automatically revoked if the donor recovers.
- Describe and apply rules regarding ownership rights in mislaid, lost, or abandoned
Intentionally placed, then forgotten. Property owner has caretaker rights,
but the true owner still owns the property.
Unintentionally placed, then forgotten. The true owner still owns the
property, but the finder has possession over everyone else. Finder has to attempt to
contact the true owner, or go through certain steps to obtain true ownership.
Intentionally discarding, true owner gives up on looking for
property. The finder acquires the title to this, and therefore owns the property.
- List and explain the elements of a bailment.
The delivery of personal property by the bailor without transfer of the
title to the bailee. Ex: Loaning or leasing the property. Three elements must be present:
1. Personal Property
2. Delivery of possession (without the title)
3. Agreement on disposing or returning of the property after its use.
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