Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
22 Cards in this Set
- Front
- Back
what is gift causa mortis?
|
someone thinking they will die is giving you a gift.
this is conditioned on the person dying and if they do not die the gift is revokable |
|
what is lost property?
|
unitnentionally, involuntary parted with property.
|
|
what is mislaid property?
|
intentionally, voluntary parted with & forgotten (i.e. putting something down & leaving it)
|
|
if something is lost/mislaid in govt property what are the two choices?
|
if owner is listed, bring to owner or police.
if no owner is listed must bring to police |
|
what if the owner does not claim property?
|
finder may keep it if it passes the statute period, estray statute
|
|
if something is lost/mislaid on private property do you have to contact police?
|
no police do not have to contacted
|
|
in private property what is public area & private area?
|
private area is a house, dorm, apartment etc.
In public area is restaurants, lobbys |
|
when can the finder keep the property in private property?
|
when it is lost in a public area
|
|
what is a bailment?
|
transfer of possession from one party to another
|
|
how is the burden of proof shifted in a bailment?
|
all you have to prove is harm, must prove there was harm and a bailment. defendent would have to prove that they were not responsible
|
|
what are two things that cannot be collateral?
|
land & human beings
|
|
Where must collateral be listed as an item to be grabbed if the debtor does not pay?
|
must be listed in the security agreement
|
|
When can a secured transaction be oral?
|
when the seller/lender retains hold of the collateral item
|
|
what must be in the creation of a secured transaction?
|
1) security agreement
2) give value: money 3) debtor must have rights in collateral-debtor owns it |
|
what must a security agreement state?
|
both parties, what the collateral is, and signed by debtor
|
|
how does one become perfected in a secured transaction?
|
must file, pledge (creditor possession of collateral), or can be automatic
|
|
how does a creditor file?
|
file at states' security office
this contains, names of creditor and debtor description of collateral adresses of both parties DOESNT NEED TO BE SIGNED |
|
how do you get automatic perfection?
|
a merchant that sells a good to a consumer is automatically perfected. they do NOT have to file
|
|
how do you lose a perfected pledge?
|
give up possession of the collateral
|
|
what are the exceptions to perfection?
|
if you pay cash for a good you take free of the security interest
if you give up possession |
|
what is a floating lein?
|
standard business agreement that creditor will have security interest in any proceeds of sale, inventory, etc.
whatever transformation the collateral turns into, the security interest will follow there is a line of credit - future advances that stretches 5 yrs into the future |
|
what happens to the perfection if the consumer sells the item to another consumer?
|
ther perfection is lost
|