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25 Cards in this Set

  • Front
  • Back
Lost Property
when the owner:
1. unitentionally or involuntarily parts with the property

2. involuntary parted wiith through neglect or inadvertence and

3. does not know where it is

Finder is entitled to possesion against everyone expect the true owner
Mislaid Property
1. voluntarily placed be the owner,

2. intending to reclaim ownership

3. but the owner forgets where it is or fails to reclaim it.

A finder acquire no right
Adandoned
1. intentionally

2. voluntarily relinquished with intent to own no longer

2. Without transerring ownership to another person

finder is entitled to keep
Bailment
a bailment is the right to possession of property by one who is not the true owner.

bailee hold the property

bailor is the true owner
Bailment General Rule
Where A has created expectations in O that A has acctepted a duty of reasonable care, a bailment relationship is imposed. A bailee is liable fore lost property he actually has knowledge of and for property that he could reasonably expect to be inside lost property.
Adverse Possesion
An adverse possessor can establish title by adverse possession if he can statisfy all the elements and the SOL te true owner claims has run out.
Elements of Adverse Possesion
(1) Actual physical entry onto land
(2) open/notorious possesion that is sufficeint so that the true owner has the opportunity to discover that someone else is in possession and in the process of gaining title

(3) Adverse ( without permission)

(4) Continuous possession through the SOL
Tacking
Adding up previous periods of possesion to make possession continious thorugh the SOL.

Taking is allowed if successive occupants are in privity
Privity
establisth two ways:

(1) a deed will or judgement of intestacy which actually describes the disputed land and purports to convey the disputed land being possessed by the adverse possessor

2. by voluntary transfer of possesion of the land from one adverse possessor to the next
The Discovery Rule ( just for CHATTELS)
The cause of action will not accure and the state of limitations does not begin to run untill the true owners discovers or by excerise of due diligence should have discover the facts constituting the cause of action.
O' Keefe
to avoid hard result of the statue of limitations some courts appy the discovery rule which says that the CofA will not accrue until the injured party discovers, or by the exercise of reasonable diligence and intelligence should have discovered facts which from the basis of the cause of action.
The Demander and Refusal Rule (CHATELS)
The Cof A does not accure and the SOL does not begin to run until the true owner has demanded that the adverse possessor return the chattel and the adverse possessor refuses to do so.

Possession is not adverse until true owner demands and adverse possessor refuses this starting the SOL.
Gggenhiem (Demander and Resfual Rule)
CofA for replevin against a good farith purchased of a stolen chattel accrues when the true owner makes demand for the return of the chattel and the person in possesion refuses to return it.
elements of an inter vivos gift
(1) there must be delivery of the gift

(2) the grantor must intend to transfer an interest to the grantee at the moment of delivery

(3) the grantee must have accepted the gift.
Delivery
(1) manual tradition
(2) constructively
(3) symbolically
accteptance
acceptance of a gift is presumed if it is benficial to the grantee unless there is persuasive evidnce otherwise.
Probabte Estate
Assests held by the decedent in serverality or in common at the moment of her death are held in the probate estate.
Probabte Estate after death
Assests in a probabte estate are distributed according to the decedents will if there is one.
a contingent remainder
created in an unascertained person or

it is subject to a condition percident
a remainder is vested when
created in an ascertained person

it is not subject to a conidtion precedent.
Rule of Perpituties applies
to contigent future interest created in a transfree
Rule of Perpituties
the RAP voids a future interest created in a transferee if the inetrest can vest more than 21 years after the deaths of everyone alive at the creation of the inetrest including...

What is the condition upon which the interest will vest?

Who is alive at creation of the interest?

APPLY RULE
Reversion
A transferor has a reversion if she transfers a present possesary inetrest but does not also transfer a vested fee simple absolute
joint tenancy
entails the right of surviorship.
Probate estate
sine the probabte estate includes all property held by the decedent in her own name alone or as tenants in common _____ will be in the probate estate