Law 2101 Study Guide - Final Guide: Tax Avoidance, Estate Planning, Fiduciary
17 Apr 2018
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The law is much more recent then that of real property: only recently have we begun to think of wealth in terms of personal property not just land. A person who finds personal property has a right to claim it against anyone except the true owner. Ge(cid:374)erally, (cid:862)fi(cid:374)ders(cid:863) ha(cid:448)e a good property (cid:272)lai(cid:373) a(cid:374)d i(cid:374)terest (they fi(cid:374)d a(cid:374)d take possession: all relati(cid:448)e, it depe(cid:374)ds o(cid:374) (cid:449)ho"s aski(cid:374)g. If it is a stranger = you win. If it the previous owner = they win. Ex: if you have a bill and the true owner cannot be found, you have high interest (cid:271)ut if you fi(cid:374)d it i(cid:374) so(cid:373)eo(cid:374)e"s offi(cid:272)e, their o(cid:449)(cid:374)ership o(cid:448)erpo(cid:449)ers yours. Ownership and possession are not the same thing. *note that if you find something on private property, the person who owns the property has possession! Standard of care: dependent on the value of the goods, who the bailment benefits and the terms of the contract.
