New York - Personal Property

Front 1

What is the first step in determining the law regarding found property?

Back 1

Distinguish between abandoned property and lost property

Front 2

What is abandoned property?

Back 2

Personal property that the owner no longer wishes to continue to own

Elements
1) Physical act (give up possession)
2) Mental state (intention to given up title and control

Front 3

What is the legal consequence if someone takes possession of abandoned property?

Back 3

The property becomes theirs

Front 4

What is lost property?

Back 4

Property is lost when possession is accidentally given up with no intent to give up title or control

Front 5

What is the proper legal framework for a person who has found "lost" property

Back 5

New York follows a statutory system

Property < $20
1) Make reasonable effort to locate the owner
2) If after 1 yr, owner has not come forward → can keep the property

Property > $20
1) Turn over to police, police hold item for statutory period of time, depending on value
2) Owner does not claim w/in statutory period → can go to police to claim item

Front 6

When is an inter vivos gift final or permanent?

Back 6

3 requirements for permanency
1) Donor must have donative intent
2) Valid acceptance by donee
3) Delivery or transfer of possession

Front 7

What is the effect of silence on the acceptance of an inter vivos gift?

Back 7

Silence is generally sufficient to constitute acceptance

Front 8

When is delivery complete on a gift of a 1st party check (i.e. “pay to the order of donee, signed donor")

Back 8

Delivery is not complete until the check has been cashed. Therefore, payment stopped prior to chasing/depositing → no cause of action.

Front 9

When is delivery complete on a gift of a 3rd party check?

Back 9

Delivery is complete upon delivery of physical check (need not be cashed/deposited)

Front 10

Is delivery complete if it has been turned over to the donor's agent?

Back 10

No

Front 11

Is delivery complete if it has been turned over to the donee's agent?

Back 11

Yes

Front 12

When is a causa mortis gift final/permanent?

Back 12

1) imminent risk of death to the donor that is objectively likely to occur, and
2) death actually occurs

Front 13

What is a lien? What are the elements?

Back 13

A lien is a security interest to enforce a debt

Elements
1) Debt relating to a performance of services
2) The creditor has possession of the item in question
3) Debtor retains title to the property

Front 14

What is a general lien?

Back 14

Right of creditor to retain a whole bunch of property as security for a general balance due. Returning some property does not discharge the lien

Front 15

What is a special lien?

Back 15

Right to retain specific property in connection w services performed on that item. If creditor voluntarily gives property back, the lien is released

Front 16

Bailment - Elements

Back 16

1) Voluntarily turn over possession to another
2) That person takes the property with consent
3) That person takes the property for a specific purpose

Front 17

What is the bailee's duty with regards to property in his possession?

Back 17

A bailee must exercise reasonable prudence to protect property during the course of the bailment. This duty encompasses NORMAL things included w the bailment (i.e. "things inside of things", like keys) but not extraordinary things (e.g. diamonds)