Test #3 Vocabulary, by Collin

Test #3 Vocabulary, by Collin - Test 3 Vocabulary Chapter...

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Test 3 Vocabulary Chapter 47 Abandoned Property- Property with which the owner has voluntarily parted, with no intention of discovering it. Accession- Occurs when an individual adds value to personal property by either labor or materials. In some situations, a person may acquire ownership rights in another’s property through accession. Bailee- One to whom goods are entrusted by a bailor. Under the Uniform Commercial Code, a party who, by a bill of lading, warehouse receipt, or other document of title, acknowledges possession of goods and contracts. Bailee’s Lien- A possessory lien, or claim, that a bailee entitled to compensation can place on the bailed property to ensure that he or she will be paid for the services provided. The lien is effective as long as the bialee retains possession of the bailed goods and has not agreed to extend credit to the bailor. Bailment- A situation in which the personal property of one person (a bailor) is entrusted to another (a bailee), who is obligated to return the bailed proeperty to the bailor or dispose of it as directed. Bailor- One who entrusts goods to a bailee. Chattel- All forms of personal property. Confusion- The mixing together of goods belonging to two or more owners so that the separately owned goods cannot be identified. Constructive Delivery- An act equivalent to the actual, physical delivery of property that cannot be physically delivered because of the difficulty or impossibility; for example, the transfer or a key to a safe constructively delivers the contents of the safe. Estray Statute- A statute defining finders’ rights in property when the true owners are unknown. Fixture- A thing that was once personal property but that has become attached to real property in such a way that it takes on the characteristics of real property and becomes part of that real property. Gift- Any voluntary transfer of property made without consideration, past or present. Gift Causa Mortis - A gift made in contemplation of death. If the donor does not die of
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that ailment, the gift is revoked. Gift Inter Vivos - A gift made during one’s lifetime and not in contemplation of imminent death, in contrast to a gift causa mortis . Lost Property- Property with which the owner has involuntarily parted and then cannot find or recover. Mislaid Property- Property with which the owner has voluntarily parted and then cannot find or recover. Personal Property- Property that is movable; any property that is not real. Property- Legally protected rights and interests in anything with an ascertainable value that is subject to ownership. Real Property- Land and everything attached to it, such as foliage and buildings. Trade Fixture- The personal property of a commercial tenant that has benen installed or affixed to real property for a business purpose. When the lease ends, the tenant can remove the fixture but must repair any damage to the real property caused by the fixture’s removal. Chapter 48
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This note was uploaded on 09/15/2009 for the course LW 270 taught by Professor Wears during the Spring '09 term at Clarkson University .

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Test #3 Vocabulary, by Collin - Test 3 Vocabulary Chapter...

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