Chapter 21 - Personal Property and Bailments - Chapter 21...

Chapter 21 - Personal Property and Bailments
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Chapter 21 – Personal Property and Bailments I. Personal Property a. Personal Property in Context i. Property refers to a piece of land or a thing or an object 1. In legal terms it also includes the rights of any person to possess, use, enjoy, and dispose of a thing or object of value ii. Real Property: 1. Land and things embedded in the land, such as oil tanks a. Also includes things attached to the earth, such as buildings or trees, and the rights in any of these things iii. Personal Property: 1. Property that is movable or intangible, or rights in such things 2. Consists of a. Whole or fractional rights in things that are tangible and movable, such as furniture and books b. Claims and debts i. Called choses in action 1. Intangible personal property in the nature of claims against another, such as a claim for accounts receivable or wages c. Intangible property rights, such as trademarks, copyrights, and patents b. Title to Personal Property i. Not title is acquired by theft 1. The thief acquires possession only, and if the thief makes a sale or gift of the property to another, the latter acquires only possession of the property a. The true owner may reclaim the property from the thief or a thief’s transferee
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ii. Gifts: 1. Title to personal property may be transferred by the voluntary act of the owners without receiving anything in exchange a. The donor may do so because of things that the recipient of the gift, the donee, has done in the past or is expected to do in the future i. These are not deemed consideration 2. Five types of gifts: a. Inter Vivos Gifts: i. Ordinary gift that is made between two living persons ii. Takes into effect when the donor 1. Expresses an intent to transfer title a. Intent to make a gift requires an intent to transfer title at that time 2. Makes delivery, subject to the right of the donee to disclaim the gift within a reasonable time after learning that is has been made a. No breach of contract if the donor fails to complete the gift since there is no consideration b. Gifts Causa Mortis: i. Made when the donor, contemplating imminent and impending death, delivers personal property to the donee with the intent that the donee shall own it if the donor dies 1. Conditional gift and the donor is entitled to take the property back if a. The donor does not die b. The donor revokes the gift before dying c. The donee dies before the donor c. Gifts and Transfers to Minors:
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i. Uniform acts provide for transferring property to a custodian to
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