If the donor attempts to regain a degree of control over the property, there is not usually a legally effective gift o Constructive Delivery: when a gift cannot actually be personally delivered Impracticality Intangibles
o Will not be valid if donor action was induced by fraud, duress, mistake, or undue influence o Inter Vivos and Causa Mortis : gifts given when the donor is dying 1. The gift is revoked automatically if the donee dies before the donor 2. Revoked automatically if the donor does not die from the current illness or peril Abandoned or mislaid properties Abandoned: if found under circumstances where a person did not want it anymore or left so long ago that former owner no longer living Lost property: discovered under circumstances indicating it was not meant to be left there Mislaid property: property discovered something placed somewhere voluntarily and accidentally left there Escheat Statutes Intangible property (money, stocks, bonds) is presumed abandoned if it had remained in possession of custodian (bank) for a specified period of time without contact from the owner Seven years is common State required to publish notice o Still unclaimed (shorter period) the state becomes the owner Changing Property Ownership passes to person performing labor [nonowner] only if 1. The identity of the property has been changed 2. The value of the property is many times greater than it was prior to the change Often Depends of good faith versus bad faith Bailments The delivery of possession of personal property under delivery agreement Person transferring possession is bailor and one receiving possession is bailee 1. One party must deliver possession (but not title) to the other 2. Must be classified as personal property
3. Parties must agree that the recipient of the property will later return it, deliver it to a third party, or otherwise dispose of it in some specified manner o Types of Bailments Sole Benefit of Bailee Owner of item permits another to use it without compensation or any other benefit Ex. Loaning a car to a friend Sole Benefit of the Bailor When person stores or takes care of someone else’s property as a favor Mutual Benefit Bailments Dual compensation Most common Ex. Equipment rental, storage unit Dual Care and the Presumption of Negligence If bailed property is damaged because bailee has failed due
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- Spring '08