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11 Cards in this Set
- Front
- Back
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Personal Property
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-All objects & rights that can be owned
-Tangible- physical existence; subject to tax by the state in which it is owned |
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Possession
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-can’t steal, trespass, etc. (ex. hunting)
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Purchase
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-most common way of obtaining property
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Production
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-you made it, created it; own it
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Gift
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-voluntary transfer of property to the donee; doner gets nothing in return
1) Intent 2) Delivery 3) Acceptance |
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Will/Inheritance
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-ownership transferred upon the death of the former owner
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Accession
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-increasing the value of property by adding materials or labor
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Confusion
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-Mixing of indistinguishable assets. Can’t decipher my assets from yours. Wrongful comingle – owner gets all of it. Innocent – it’s shared
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Mislaid Property
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-owner placed it somewhere and accidently left it; statute of limitations applies; if unclaimed property in possession of finder for certain period of time they become owner
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Lost Property
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-considered to be lost if the owner did not intend to part with possession of the property
-If you know the true owner, you must return it or it’s theft |
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Abandoned Property
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-considered to be if the owner intentionally placed the property out of his possession with intent to give up ownership
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