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22 Cards in this Set
- Front
- Back
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what is gift causa mortis?
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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 |
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what is lost property?
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unitnentionally, involuntary parted with property.
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what is mislaid property?
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intentionally, voluntary parted with & forgotten (i.e. putting something down & leaving it)
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if something is lost/mislaid in govt property what are the two choices?
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if owner is listed, bring to owner or police.
if no owner is listed must bring to police |
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what if the owner does not claim property?
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finder may keep it if it passes the statute period, estray statute
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if something is lost/mislaid on private property do you have to contact police?
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no police do not have to contacted
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in private property what is public area & private area?
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private area is a house, dorm, apartment etc.
In public area is restaurants, lobbys |
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when can the finder keep the property in private property?
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when it is lost in a public area
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what is a bailment?
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transfer of possession from one party to another
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how is the burden of proof shifted in a bailment?
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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
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what are two things that cannot be collateral?
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land & human beings
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Where must collateral be listed as an item to be grabbed if the debtor does not pay?
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must be listed in the security agreement
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When can a secured transaction be oral?
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when the seller/lender retains hold of the collateral item
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what must be in the creation of a secured transaction?
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1) security agreement
2) give value: money 3) debtor must have rights in collateral-debtor owns it |
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what must a security agreement state?
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both parties, what the collateral is, and signed by debtor
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how does one become perfected in a secured transaction?
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must file, pledge (creditor possession of collateral), or can be automatic
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how does a creditor file?
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file at states' security office
this contains, names of creditor and debtor description of collateral adresses of both parties DOESNT NEED TO BE SIGNED |
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how do you get automatic perfection?
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a merchant that sells a good to a consumer is automatically perfected. they do NOT have to file
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how do you lose a perfected pledge?
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give up possession of the collateral
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what are the exceptions to perfection?
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if you pay cash for a good you take free of the security interest
if you give up possession |
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what is a floating lein?
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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 |
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what happens to the perfection if the consumer sells the item to another consumer?
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ther perfection is lost
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