Property I

Front 1

Wild Animal (Term)

Back 1

Farae Naturae

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Wild Animal (Capture)

Back 2

Where a pursuer (1) confines a wild animal to a private enclosure, (2) may subject them to his own use, and (3) maintains reasonable precautions to prevent escape, he gains property rights.

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Wild Animal (Escape)

Back 3

Captured animals can escape, re-obtaining their natural rights.

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Domestic Animals

Back 4

Animus Revertendi - "Habit of returning"

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Domestic Animals (Capture)

Back 5

Domesticated animals may not be captured, even if they have escaped.

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Lost Property (Elements)

Back 6

The owner unintentionally and involuntarily parted with the property.

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Lost Property (Ownership)

Back 7

The finder of an item may keep it against all but the rightful owner, creating a bailment to the finder which benefits the bailee. A lost item found on a person's property normally cannot be claimed by another.

Front 8

Mislaid Property (Elements)

Back 8

The owner voluntarily and knowingly placed it somewhere, but unintentionally forgets it.

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Mislaid Property (Ownership)

Back 9

Mislaid chattels belong to the owner of the locus in quo.

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Abandoned Property (Elements)

Back 10

The owner knowingly relinquished all right, title, and interests to the property. Money will typically not be considered abandoned.

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Abandoned Property (Ownership)

Back 11

Abandoned property belongs to nobody and may be claimed by anybody.

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Intellectual Property (Elements)

Back 12

At common law intellectual property rights were not recognized, unless a statute specifically overrides the common law.

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Intellectual Property (Ownership)

Back 13

Unless otherwise provided by statute, property rights apply only to the chattel which embodies the creation.

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Bailment (Definition)

Back 14

A bailment exists when possession is transferred but ownership is not.

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Inter Vivos Gifts (Elements)

Back 15

1) Donative Intent

2) Delivery

3) Acceptance

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Donative Intent (Inter Vivos Gifts)

Back 16

The owner intends to make immediate transfer to the donee.

Front 17

Delivery (Inter Vivos Gifts)

Back 17

The property must be delivered to the donee. Checks are not delivered gifts until they are cashed.

Front 18

Acceptance (Inter Vivos Gifts)

Back 18

The donee must accept the property. Valuable gifts are presumed to have been accepted.

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Types of Delivery (Gifts)

Back 19

1) Manual Delivery

2) Constructive Delivery

3) Symbolic Delivery

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Manual Delivery (Gifts)

Back 20

Physical transfer of possession.

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Constructive Delivery (Gifts)

Back 21

Transfer of an item that gives access to the gift. Only available if manual delivery is impractical.

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Symbolic Delivery (Gifts)

Back 22

Physical transfer of an object that represents the gift. Only available if manual delivery is impractical.

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Gift Causa Mortis (Elements)

Back 23

1) The gift is made in contemplation of death

2) The donor dies of the contemplated cause

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Gift Causa Mortis (Transfer)

Back 24

A gift causa mortis is transferred immediately, but is revoked absent death.

Front 25

Freehold Estates (Types)

Back 25

1) Fee Simple Absolute

2) Life Estate

3) Fee Tail

4) Fee Simple Defeasible

5) Fee Simple Determinable

6) Fee Simple Subject to Condition Subsequent

7) Fee Simple Subject to Executory Interest

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Fee Simple Absolute (Definition)

Back 26

The holder has all property rights.

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Fee Simple Absolute (Future Interests)

Back 27

There is no future interest.

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Fee Simple Absolute (Duration)

Back 28

Indefinite

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Fee Simple Absolute (Transferability)

Back 29

Freely alienable, devisable, descendible.

Front 30

Life Estate (Definition)

Back 30

An estate whose term is measured by the lifetime of a particular person.

Front 31

Life Estate (Future Interests)

Back 31

The original owner retains a reversion.

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Life Estate (Duration)

Back 32

Until the death of the person by whose lifespan the Life Estate is measured.

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Life Estate (Transferability)

Back 33

Freely alienable. Not devisable or descendible.

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Life Estate (Pur Autre Vie)

Back 34

A life estate which is measured by the lifespan of someone other than the holder. Freely alienable, devisable, and descendible.

Front 35

Waste (Types)

Back 35

1) Voluntary

2) Permissive

3) Ameliorative

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Voluntary Waste (Estates)

Back 36

An affirmative act which reduces the property value.

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Permissive Waste (Estates)

Back 37

Failure to take reasonable care to protect the estate.

Front 38

Ameliorative Waste (Estates)

Back 38

An affirmative act that leads to substantial change in the property and increases its value.

Front 39

Fee Simple Defeasible (Definition)

Back 39

An estate which continues forever until some occurrence of future events.

Front 40

Fee Simple Defeasible (Types)

Back 40

1) Fee Simple Determinable

2) Fee Simple Subject to Condition Subsequent

3) Fee Simple Subject to Executory Interest

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Fee Simple Determinable (Definition)

Back 41

A defeasible estate which automatically ends on some occurrence or when a condition is no longer satisfied.

Front 42

Fee Simple Determinable (Duration)

Back 42

Until a certain event or condition occurs.

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Fee Simple Determinable (Future Interests)

Back 43

Creates a possibility of reverter in the transferor which is freely alienable, devisable, descendible.

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Fee Simple Determinable (Transferability)

Back 44

Freely alienable, devisable, descendible.

Front 45

Fee Simple Subject to Condition Subsequent (Definition)

Back 45

A defeasible estate which may be terminated at the election of the transferor one a certain condition or event has occurred.

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Fee Simple Subject to Condition Subsequent (Future Interests)

Back 46

Creates a right of entry in the transferor, which is freely alienable, devisable, descendible.

Front 47

Fee Simple Subject to Condition Subsequent (Duration)

Back 47

Until the holder of the right of entry terminates the estate after a certain event or condition has occurred.

Front 48

Fee Simple Subject to Condition Subsequent (Transferability)

Back 48

Freely alienable, devisable, descendible.

Front 49

Fee Simple Subject to Executory Limitation (Definition)

Back 49

An estate created in a transferee which ends when a certain event or condition occurs, and for which a third party has a future interest.

Front 50

Fee Simple Subject to Executory Limitation (Future Interests)

Back 50

The third party gains an executory interests, which is free alienable, devisable, descendible.

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Fee Simple Subject to Executory Limitation (Duration)

Back 51

Until the condition is satisfied.

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Fee Simple Subject to Executory Limitation (Transferability)

Back 52

Freely alienable, devisable, descendible.

Front 53

Methods of Transfer (Estates)

Back 53

1) By Deed

2) By Will

3) By Intestate Succession

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Transfer by Deed (Estates)

Back 54

Property is "alienable" if a living person may transfer the property by deed during their lifetime.

Front 55

Transfer by Will (Estates)

Back 55

Property is "devisable" if it can be transferred by will at death.

Front 56

Transfer by Intestate Succession

Back 56

Property is "descendible" if it can be transferred by intestate succession.

Front 57

Future Interests Retained by the Transferor

Back 57

1) Reversion

2) Possibility of reverter

3) Right of Entry

Front 58

Reversion (Definition)

Back 58

A future interest remaining in a transferor when he grants a vested estate of lesser duration than he began with.

Front 59

Possibility of Reverter (Definition)

Back 59

A future interest retained by the holder of a fee simple absolute who conveys a fee simple determinable.

Front 60

Right of Entry (Definition)

Back 60

A future interest retained by a transferor who holds a fee simple absolute, but conveys a fee simple subject to condition subsequent. A right of entry requires affirmative steps to create a right of possession.

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Future Interests Created in a Transferee

Back 61

1) Remainders

2) Executory Intersts

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Types of Remainders

Back 62

1) Indefeasibly Vested Remainder

2) Vested Remainder Subject to Divestment

3) Vested Remainder Subject to Open

4) Contingent Remainder

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Indefeasibly Vested Remainder

Back 63

A remainder that is (1) created in an ascertainable person, and (2) is not subject to a condition precedent other than the natural termination of the prior estate.

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Vested Remainder Subjected to Divestment

Back 64

A vested remainder with the possibility of termination subject to a condition.

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Vested Remainder Subject to Open

Back 65

A vested remainder held by members of an enlargeable class.

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Contingent Remainder

Back 66

A remainder which is not vested, meaning that it is either (1) not created in an ascertainable person, or (2) subject to a condition precedent.

The condition must be satisfied, or persons made ascertainable, before the estate is terminated.

Front 67

Executory Interest

Back 67

A remainder which must divest another estate or interest to become possessory.

Front 68

Concurrent Estates (Types)

Back 68

1) Tenancy in Common

2) Joint Tenancy

3) Tenancy by the Entirety

Front 69

Tenancy in Common (Definition)

Back 69

Each tenant has an undivided, fractional interest in the property. Each party has a right to use and possess the whole parcel.

Front 70

Tenancy in Common (Transferability)

Back 70

Each interest is freely alienable, devisable, descendible.

Front 71

Joint Tenancy (Definition)

Back 71

Each party has an undivided right to use and possess the whole property, and has a right of survivorship/

Front 72

Joint Tenancy (Creation)

Back 72

There must be unity of time, title, interest, and possession for a joint tenancy to be created.

Front 73

Joint Tenancy (Transferability)

Back 73

Interests are neither devisable nor descendible. Alienating an interest severs unity of time and title, thus severing the joint tenancy and creating a tenancy in common.

Front 74

Tenancy by Entirety (Definition)

Back 74

A joint tenancy available only to married couples, and additionally shields assets from creditors.

Front 75

Tenancy by Entirety (Transferability)

Back 75

Not freely alienable, devisable, or descendible. May only be terminated by, death, divorce, or mutual agreement.

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Severance

Back 76

The process by which a joint tenancy ends. Mortgages do not traditionally sever, and many jurisdictions hold that a mortgage by one joint tenant survives death.

Front 77

Partition

Back 77

Ends cotenancy and distributes the assets.

Front 78

Separate Property System (Ownership)

Back 78

Property is separately owned by the spouse who acquires it.

Front 79

Separate Property System (Divorce)

Back 79

At divorce, all property acquired with earnings during the marriage is equitably distributed.

Front 80

Separate Property System (Death)

Back 80

Most jurisdictions give a spouse a forced share at death.

Front 81

Separate Property System

Back 81

Separate property is freely alienable, devisable, descendible.

Front 82

Community Property System (Ownership)

Back 82

All earning during the marriage and all assets acquired from those earning are owned equally by both spouses in equal, undivided shares.

Front 83

Community Property System (Divorce)

Back 83

At divorce the community property is distributed either by equal or equitable distribution.

Front 84

Community Property System (Death)

Back 84

At death property devisable and is transferred by will. There is no forced share or right of survivorship. The survivor still retains their share of the community property.

Front 85

Community Property System (Transferability)

Back 85

Equal shares are not alienable or descendible.

Front 86

Types of Leasehold Estates

Back 86

1) Term of Years Tenancy

2) Periodic Tenancy

3) Tenancy at Will

4) Tenancy at Sufference

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Term of Years Tenancy

Back 87

A fixed duration that is agreed upon in advance.

Front 88

Periodic Tenancy

Back 88

A fixed period of time that is renewed automatically. Renewal ends only be advance notice by the landlord or tenant.

Front 89

Tenancy at Will

Back 89

Has no fixed period and ends at-will by the landlord or tenant.

Front 90

Tenancy at Sufferance

Back 90

A wrongful occupancy that occurs when a person continues possession after their right of possession ends.

Front 91

Holdover Tenant (Tenancy at Sufference)

Back 91

A wrongful tenant in a tenancy at sufferance.

Front 92

Statute of Frauds (Leaseholds)

Back 92

1) A term of years for more than one year is unenforceable

2) A term of years must include party, property, duration, and rent.

Front 93

American Rule (Delivering Possession)

Back 93

A landlord must only deliver legal possession.