Chapter 48 The Nature of Property, Personal Property, and Bailments Copyright © 2012 by The...

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Chapter 48 Chapter 48 The Nature of The Nature of Property, Property, Personal Personal Property, and Property, and Bailments Bailments Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin

description

Transfer of Personal Property Voluntary Transfer: Voluntary Transfer: Sale and Purchase: Acquiring party gives consideration (value) to seller in exchange for title to property Sale and Purchase: Acquiring party gives consideration (value) to seller in exchange for title to property Gift: No consideration given to transferor (donor) by transferee (donee) Gift: No consideration given to transferor (donor) by transferee (donee) Involuntary Transfer: Involuntary Transfer: Abandoned Property: Property that original owner has discarded Abandoned Property: Property that original owner has discarded Lost Property: Property that true owner has unknowingly/accidentally dropped/left somewhere Lost Property: Property that true owner has unknowingly/accidentally dropped/left somewhere Mislaid Property: Property owner has intentionally placed property somewhere, but has forgotten its location Mislaid Property: Property owner has intentionally placed property somewhere, but has forgotten its location 48-3

Transcript of Chapter 48 The Nature of Property, Personal Property, and Bailments Copyright © 2012 by The...

Page 1: Chapter 48 The Nature of Property, Personal Property, and Bailments Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.

Chapter 48Chapter 48The Nature of The Nature of

Property, Personal Property, Personal Property, and Property, and

BailmentsBailments

Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin

Page 2: Chapter 48 The Nature of Property, Personal Property, and Bailments Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.

Categories of PropertyCategories of Property

Real Property: Land and anything Real Property: Land and anything permanently attached to it (fixtures)permanently attached to it (fixtures)

Personal Property: Property not attached Personal Property: Property not attached to land, or movable propertyto land, or movable property

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Page 3: Chapter 48 The Nature of Property, Personal Property, and Bailments Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.

Transfer of Personal PropertyTransfer of Personal Property Voluntary Transfer:Voluntary Transfer:

Sale and Purchase: Acquiring party gives consideration Sale and Purchase: Acquiring party gives consideration (value) to seller in exchange for title to property(value) to seller in exchange for title to property

Gift: No consideration given to transferor (donor) by Gift: No consideration given to transferor (donor) by transferee (donee)transferee (donee)

Involuntary Transfer:Involuntary Transfer:

Abandoned Property: Property that original owner has Abandoned Property: Property that original owner has discardeddiscarded

Lost Property: Property that true owner has Lost Property: Property that true owner has unknowingly/accidentally dropped/left somewhereunknowingly/accidentally dropped/left somewhere

Mislaid Property: Property owner has intentionally placed Mislaid Property: Property owner has intentionally placed property somewhere, but has forgotten its locationproperty somewhere, but has forgotten its location

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Page 4: Chapter 48 The Nature of Property, Personal Property, and Bailments Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.

Elements Necessary For A Valid Elements Necessary For A Valid GiftGift

Delivery of property (from donor to donee)Delivery of property (from donor to donee)

““Actual” delivery: Physical presentation of giftActual” delivery: Physical presentation of gift

““Constructive” delivery: Delivery of item that gives Constructive” delivery: Delivery of item that gives access to gift/represents it (Example: Car keys)access to gift/represents it (Example: Car keys)

Donative intent (of donor to make an immediate gift)Donative intent (of donor to make an immediate gift)

Acceptance of property (by donee)Acceptance of property (by donee)

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Page 5: Chapter 48 The Nature of Property, Personal Property, and Bailments Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.

““Inter Vivos” Gift Versus Gift Inter Vivos” Gift Versus Gift “Causa Mortis”“Causa Mortis”

““Inter Vivos” Gift: “Between the living”; gift Inter Vivos” Gift: “Between the living”; gift made by donor during his/her lifetimemade by donor during his/her lifetime

Gift “Causa Mortis”: Gift made in contemplation Gift “Causa Mortis”: Gift made in contemplation of donor’s “imminent and impending” of donor’s “imminent and impending” (immediate) death(immediate) death

For gift “causa mortis” to be effective, For gift “causa mortis” to be effective, elements of delivery, donative intent and elements of delivery, donative intent and acceptance must occur before donor’s deathacceptance must occur before donor’s death

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Page 6: Chapter 48 The Nature of Property, Personal Property, and Bailments Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.

Bailment (Definition):Bailment (Definition):Special relationship in which one party Special relationship in which one party

(bailor) transfers possession of (bailor) transfers possession of personalty to another party (bailee), to personalty to another party (bailee), to

be used by bailee in an agreed-upon be used by bailee in an agreed-upon manner and for an agree-upon time manner and for an agree-upon time

periodperiod

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Page 7: Chapter 48 The Nature of Property, Personal Property, and Bailments Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.

Bailor Has Right To Expect Bailee Bailor Has Right To Expect Bailee To:To:

Take reasonable care of bailed propertyTake reasonable care of bailed property

Use bailed property only as stipulated in the Use bailed property only as stipulated in the bailment agreementbailment agreement

Not alter the bailed property in any unauthorized Not alter the bailed property in any unauthorized manner; andmanner; and

Return bailed property in good condition at end Return bailed property in good condition at end of bailmentof bailment

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Page 8: Chapter 48 The Nature of Property, Personal Property, and Bailments Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.

Duties of BailorDuties of Bailor

Bailor must provide bailee with any Bailor must provide bailee with any agreed-upon compensation for agreed-upon compensation for bailmentbailment

Bailor must reimburse bailee for any Bailor must reimburse bailee for any necessary costs incurred by bailee necessary costs incurred by bailee during bailmentduring bailment

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Page 9: Chapter 48 The Nature of Property, Personal Property, and Bailments Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.

Documents of TitleDocuments of Title

Bill of Lading: Document issued by party Bill of Lading: Document issued by party engaged in business of transporting goods engaged in business of transporting goods that verifies receipt of goods for shipmentthat verifies receipt of goods for shipment

Warehouse Receipt: Receipt issued by Warehouse Receipt: Receipt issued by party who is engaged in business of party who is engaged in business of storing goods for compensationstoring goods for compensation

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Page 10: Chapter 48 The Nature of Property, Personal Property, and Bailments Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.

Special BailmentsSpecial Bailments

Common Carriers (licensed to provide Common Carriers (licensed to provide transportation services to public)transportation services to public)

Innkeepers (regularly in business of Innkeepers (regularly in business of making lodging available to public)making lodging available to public)

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