Torts 8.txt

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Torts 8.txt
2010-07-11 21:56:11
NY Personal Property

NY Personal Property
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  1. Abandoned Property
    True owner of property intends to give up both (1) title, and (2) possession
  2. Lost Property
    • True owner of property—
    • (1) Has involuntarily or inadvertently lost possession of property,
    • (2) BUT does not intend to give up title or control.
  3. Abandoned Property : Finder's Rights
    • Finder obtains both possession and title if—
    • (1) He exercises control over the property;
    • (2) With intent to assert ownership.
  4. Lost Property: Finder's Rights
    Value < $ 20—Title to found property vests in finder after–

    • (1) Finder makes reasonable effort to locate true owner, and
    • (2) True owner does not claim after 1 year

    Value ≥ $ 20—Title to found property vests in finder after–

    • (1) Finder turns property over to police;
    • (2) Police hold property for statutorily prescribed period;
    • (3) True owner does not claim within the prescribed period; AND
    • (4) Finder asks police for property.
  5. Absolute Gift : Inter Vivos
    • (1) Donor has donative intent (give up title and possession), and
    • (2) Valid acceptance by donee, and
    • (3) Delivery to donee

    • Notes:
    • Acceptance may occur by affirmative act or silence
    • Delivery includes delivery of actual property, or an emblematic representation of the property
  6. Absolute Gift : Causa Mortis
    Gift must be (1) in contemplation of death, and (2) donor's death must be imminent

    • Notes:
    • Donor's death must be objectively likely
    • Donor must die (no gift if donor survives)
    • No gift if donee predeceases donor
  7. Lien: Definition
    • (1) Debt relating to performance of services;
    • (2) Creditor has possession of item in question; and
    • (3) Debtor retains title to property.
  8. Liens : Types of Liens
    General Lien

    • Creditor can satisfy lien with a variety of property
    • E.g., self-storage warehouses
    • Creditor's return of some property to debtor does not discharge general lien

    • Special Lien
    • Creditor has possession of specific property worked-on.
    • Creditor's voluntary return of special-lien property extinguishes the lien, but does NOT release the debt.
  9. Bailment
    Occurs when someone takes possession of property for a specific time, and for a specific purpose
  10. Bailment: Bailee's Duties
    Must take reasonable steps to protect the bailed property.
  11. Bailment: Bailed Property
    • Bailed property includes:
    • (1) The property itself
    • (2) Ordinary/Expected things inside the bailed property

    Bailed property does not include unusual/unexpected things inside the bailed property, unless the bailed property is a safe-deposit box.