a thing that once was real property but has become real property
question
Personal property
answer
property that is movable, not attached to land
question
Select the two answers that identify the important distinctions between real property and personal property.
a. different taxation
b. different formalities for acquisition
c. different rights of ownership
d. different values
e. different ability to give it in a will
answer
A & B
question
Real property _________ become personal property by ______ the land. Personal property _______ become real property if it is _________ real property.
answer
may, removing it from, may, affixed to
question
The most common way to acquire personal property is to produce it.
T/F?
answer
False
question
Ownership of personal property may be acquired in all of the following ways except
a. purchase
b. possession
c. production
d. gift
e. accession
f. theft
g. confusion
answer
F
question
Unless a hunter has violated a law, a hunter who kills a moose has assumed ownership of it.
T/F?
answer
True
question
For a gift to be effective, there must be __________ intent by the donor (the one giving the gift), _________ of the property, and _________ by the donee.
answer
Donative, Delivery, Acceptance
question
Constructive delivery is always necessary for intangible property such as:
a. a diamond ring
b. a shirt
c. stocks
d. cards
answer
C
question
__________ occurs when someone adds value to an item of personal property by use of labor or materials. Generally, the _________ owns the property after this occurs. If the improvement was made without the permission of the owner, the owner ________ pay for it. ________ is the commingling of goods to the extent that the goods of one owner cannot be distinguished from the goods of another owner. This often occurs with ________ goods. If this occurs because of agreement, mistake or the act of a third party, the owners share _________ in proportion to their contributions. If it happens because of the wrongful act of one owner, the __________ acquires title to the whole lot of goods.
answer
Accession, original owner, need not, confusion, fungible, ownership, innocent owner
question
Gift inter vivos
answer
(Latin, between the living) is a legal term referring to a transfer or gift made during one's lifetime, as opposed to a testamentary transfer (a gift that takes effect on death) under the subject of trust.
question
Confusion
answer
At common law, when the qualities of debtor and creditor are united in the same person the debt is extinguished by merger, which is, thus, the equivalent of confusion is the manner in which obligations are extinguished.
question
Gift causa mortis
answer
[Latin, In contemplation of approaching death.] ... A gift causa mortis is distinguishable from a gift inter vivos, which is a gift made during the donor's (the giver's) lifetime. The donor of the gift of Personal Property must expect to die imminently from a particular ailment or event.
question
The general rule with respect to mislaid property is that the:
a. finder of the property obtains good title against everyone
b. finder of the property obtains good title against everyone except the true owner
c. owner of the place where the property was found becomes its caretaker
d. person who mislaid the property has given up all rights to it
answer
C
question
The general rule with respect to lost property is that the:
a. finder of the property obtains good title against everyone
b. finder of the property obtains good title against everyone except the true owner
c. owner of the place where the property was found becomes its caretaker
d. person who lost the property has given up all rights to it
answer
B
question
For an estray statute to apply, property must be lost, not merely mislaid.
T/F?
answer
True
question
A person who finds mislaid property does not obtain title to the goods, but rather becomes a __________ of those goods. A person who finds _____ property must return it to the owner if that person can be found, but has better claim to the property than a _________. If the finder of _______ property knows the true owner, but _________ to return the property to him or her, the finder may be guilty of the tort of ________ . Estray statutes provide _________ for finders to report their discoveries. A person who finds _________ property becomes the true owner of that property unless he or she finds it while _________. A true owner of mislaid or lost property who gives up any further attempt to find has _________ the property.
