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25 Cards in this Set
- Front
- Back
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What is abandoned property?
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personal item the person no longer wishes to own.
1. Physical act - give up possession of the object 2. mental state - intention to relinguish title and control ex: put stuff in garbage |
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What is lost or mislaid property?
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When you accidentally give up possession w/ no intention of religuishing title or control.
Ex: Leave umbrella at restaurant |
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What are the rights of a finder of abandoned property?
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anyone who takes it and possess it with the intent to possess it now owns it.
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What are the rights of a finder of lost / mislaid property in NY?
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if below $20 - reasonable effort to locate, wait 1 year then yours
if over $20, give to police for a period of 3m-3yrs depending on value, then you own |
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What is an inter vivos gift?
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gift given during the life of the donor.
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What are the requirements to complete an inter vivos gift?
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1. donative intent of donor - intent to part w/ title not just possession
2. valid acceptance by the donee 3. delivery - transfer of possession or something that is representative of the item. |
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When is the gift of a first party check delivered?
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When the check is cashed - can cancel anytime before then.
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When is the gift of a 3rd party check delivered?
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When the check is turned over.
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When is the gift of stock certificates delivered?
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when turned over, doesn't have to be recorded on corporate books.
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When a gift is turned over to the donor's agent is it delivered?
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no, donor can still cancel.
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When a gift is turned over to the donee's agent is it delivered?
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yes, donor can't rescind
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What is a gift causa mortis?
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a gift in contemplation of death
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What are the requirements for a valid gift causa mortis?
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1. the donor must be in an imminent risk of death that is objectively likely to occur
2. the donor must not survive 3. not valid if the donee dies first |
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Is a gift causa mortis valid if the donee dies before the donor?
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no
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What is a lien?
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a primitive version of a security interest used to enforce payment of a debt.
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What are the common law elements of a lien?
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1. debt relating to performance of services
2. person owed the money - creditor - has possession of the item in question 3. the debtor retains title to the property |
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What is a general lien?
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creditor can retain a bunch of property as security for a general balance due.
Ex: self-storage place can give back some items and maintain lien |
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What is a special lien?
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a right to retain specific property in connection w/ services performed on that property.
Ex: car repair - keep car if car is given back, lien goes away |
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When does a bailment arise?
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when you voluntarily turn over possession of a piece of personal property and that person consents
ex: coat check, park car in lot, lend neighbor lawnmower. |
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When does a bailee have a responsibility to protect things w/I things?
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general rule - normal things are part of the bailment
ex: gloves in coat at coat check extraordinary things are not ex: diamonds in coat at coat check exception is safe deposit box |
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When is a parking lot not a bailment?
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When it is park and lock - this is a short term license of real estate.
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When is a parking lot a bailment?
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when you leave your keys
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What care must a bailee exercise?
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generally reasonable prudence - ordinary negligence claim if the property is lost or destroyed while the bailee has it.
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Can bailees limit liability?
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Yes, can limit contractually but can't completely exculpate themselves.
Ex: can say max liability is $500 but can't disclaim all liability. |
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Can a bailee escape liability for intentional torts?
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no
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