BUS 393 Chapter Notes - Chapter 15: Bailment, Fee Simple, Easement

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Finder gets good title against everyone but original owner (or a secured creditor) If found on private property, owner of property normally has right to the item. If finder is an employee, employer gets item subject to claim by original owner. Liability reduced by statute, so only liable when provided that they or their employees were at fault. Limited to specific period of time, after which property reverts back to landowner: may be periodic tenancy, without definite termination date, continues to be renewed until terminated by notice (eg. renting apartment on month-to-month basis) Restrictive covenant may bind future owners, restricting type of buildings that can be put on property, and how property may be used. Lesser interests in land run with the land, tied to the property itself rather than the owner. For restrictions to bind subsequent owners, they must be negative, not positive obligations: building scheme set of restrictions placed on all properties in a large development.