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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