Property 623, Assignment #2, Watson, #6830.docx

Vegetable productions inc vpi was renovating the

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Vegetable Productions, Inc. (VPI), was renovating the theater for use as a movie production studio. At the time Larry found the wallet, VPI was giving him a tour of the facility in the hope that he would agree to perform in a children's movie that the company was producing. The wallet contained a driver's license that had expired in 1949, a picture of Bennie's family, and four rare postage stamps. The stamps form an intact "plate block," which consists of the four stamps and a printed number along the border. The plate block is now estimated to be worth $100,000; each stamp individually is worth about $15,000. Now Werner, Larry, and VPI all insist that they own the stamps. According to the law, who is right? Werner is the rightful heir of the stamps, as the wallet with stamps was only misplaced and the prior owner was readily identifiable and locatable and traceable to her estate and as to who the inheritor was to receive the wallet and contents. However, this would be subject to any costs or claims remaining from the estate of Bennie. Larry holds the stamps in constructive trust for Werner (might be a resulting trust, technical difference). Larry and VPI are on notice of who the true
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owner is of the wallet and its contents, and "finders keepers" is not a valid rule of law. 2. Ferdinand Hotz is a jeweler who made a large sapphire and diamond ring for Mr. Peet. Sometime later, the ring lost one of its diamonds, so Peet contacted Hotz to replace the diamond and repair the ring. Hotz instructed Peet to leave the ring at the St. Paul Hotel, where Hotz worked while he was in town. Peet went to the hotel and explained that he wanted to leave the ring for Hotz, and he watched the hotel’s cashier put the ring in an envelope marked “Ferdinand Hotz.” But Hotz never made it to the hotel that day because he was detained out-of-town. In fact, a month passed until Hotz returned to the hotel, and it was only then that he learned that Peet had left the ring for him at the hotel one month before. The ring was apparently stolen by an unknown thief after the hotel’s cashier placed the marked envelope on the counter right after Peet gave it to her. Can Peet recover the value of the ring from the hotel? Yes, Peet can recover the value of the ring from the hotel. The main issue to ponder here is whether the concealment or unawareness of the value as to the property decreases the negligence liability for the hotel who lost the property entrusted to them. The answer to that would be no, as the fact that the cashier was unaware of the value is irrelevant. This was not a gratuitous bailment and both sides knew a ring was entrusted to her and it was lost.
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  • Fall '18
  • Robert Strouse
  • Postage stamp, Ferdinand Hotz, Mr. Peet

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