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WEEK 11 - Take Note Week 11 Business Law I Property Law a...

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Take Note Week 11 – Business Law I. Property Law a. Bailments a.i. Definition a.i.1. Temporary transfer of possession of personal property without transfer of title a.i.2. Bailor makes transfer a.i.3. Bailee receives possession a.i.4. Example of Bailment relationship: Valet situation, where you go to a hotel or restaurant and give your car keys to the valet to park it. a.ii. Classification of bailments a.ii.1. For the bailor’s sole benefit a.ii.1.a. Example: lend someone (bailee) a car so they can run errands with it a.ii.2. For mutual benefit a.ii.2.a. Example: most commercial situations. If you take the clothes to the dry cleaner, you as the bailor get the benefit of having the clothes cleaned. The dry cleaner, bailee, gets money. a.iii. Essential elements of bailment a.iii.1. Delivery of possession a.iii.2. Personal property only a.iii.3. Possession but not ownership for a determinable time (don’t transfer ownership, just possession) a.iii.4. See Cintron v Santiago : Slightly unusual facts. Plaintiff here does not have his property and is alleging a bailment relationship that has not been properly terminated. The nature of the relationship here is a romantic relationship where the man spends a lot of time at the woman’s apartment and leaves a lot of his belongings there. Then he finds out that she is going back to a prior boyfriend. He gets back all of his property of significance except for his Rolex watch, worth over 3,000. The court also finds it significant that the ex-girlfriend does not deny that he left the Rolex there. It was last seen at her apartment and by extension in her possession. Presumption is that it is still in her possession and she can overcome that presumption if she shows that she returned it. Here, because she cannot overcome the presumption that it is in her apartment, she is liable. a.iv. Special Type of bailments a.iv.1. Pledge
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a.iv.1.a. Example: leave possession/property at a pawnshop. When you return the cash you borrowed, you can get it back a.iv.2. Warehouser a.iv.2.a. Party that takes property and stores it in a warehouse a.iv.2.b. Can also apply to a grain elevator a.iv.2.c. Bailor gets a warehouse receipt or bill of lading that says what is in the warehouse and how much it is worth. If you want to transfer the property, you can transfer the bill of lading to someone else and they will own the property in the warehouse (just like endorsing a check) a.iv.3. Safe deposit boxes a.iv.3.a. Exists for the sole purpose of storing personal property a.iv.3.b. A mutual benefit bailment (you pay a fee) a.iv.3.c. Presumption that this arrangement is set up because it is valuable and state law/banking regulation will regulate the precise relationship a.iv.4. Carrier of goods a.iv.4.a. Public and private carriers a.iv.4.a.i. Someone in the business of transporting goods will be a public carrier and will be regulated. Called common carriers.
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