Personal Property - Personal Property General Principles...

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Personal Property General Principles: Real property is immovable property and consists of land and things fixed to land. Personal property is movable property. I. Acquiring Title to Personal Property--may be accomplished by a sale, gift, finding property, escheat, and by occupation. A. Gifts 1. A gift made between two living persons is called an inter vivos gift. There are three requirements: Donative Intent Delivery (actual, constructive, or symbolic) Acceptance 2. A gift causa mortis is made when a donor contemplating imminent and impending death delivers personal property to the donee with the intent that the donee own it if the donor dies. The gift is no good if: the donor doesn’t die the donor revokes the gift before death the donee dies before the donor 3. Uniform Gift to Minors Act --provides a way to make a gift to a minor. The property is held by a custodian and may be used for he support, maintenance, education, and benefit of the child. It is an irrevocable gift. Heath v. Heath, 493 NE2d 97 (1986) - 1.pdf 4. Conditional Gifts – as a general rule, conditional gifts are not favored by the courts. However, the majority rule is that when an engagement is mutually broken that the ring must be returned. Vann v. Vehrs, (Ill App) 633 NE2d 102 (1994) ?
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  • Spring '14
  • LaRoche
  • Personal property law

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