Bus Law Chapter 48
Bus Law Chapter 48 30630 BL 24113 01
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30630 BL 24113 01
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This 4 page Class Notes was uploaded by Sabrina Turner on Tuesday September 20, 2016. The Class Notes belongs to 30630 BL 24113 01 at Mississippi State University taught by Cecelia Cook in Fall 2016. Since its upload, it has received 15 views. For similar materials see Legal Environment of Business in Business Law at Mississippi State University.
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Date Created: 09/20/16
Chapter 48: Areas of Substantive Law Personal Property and Bailments o Property: legal rights and interest in anything of determined value capable of being owned “bundle of rights” in property: right to use, possess, sell, control (keep others away- exclusive control), and right to dispose of (to transfer ownership during life and after death) Not absolute rights o Subject to 4 things: Governmental Police Powers: safety issues- These apply to all Government protection property Ex: zoning laws Superior Claims of Others: when you purchase property, you have to look at what is reserved from a previous owner- everything is yours except reserved rights Ex: mineral rights Taxes: always interfere with property rights Imminent Domain: when government takes property (condemn) o 2 Kinds of Property Land “real property” includes anything attached or affixed to land structures, buildings anything growing on land anything subsurface: minerals, oil, gravel Personal Property Everything else not attached or affixed to land Moveable Tangible (touchable) and intangible (not physical, something representing property like insurance or stock) o 2 Reasons the Distinction between property is important: acquisition: how do you acquire property? No formality for personal property Real property requires written transfer “title” = ownership Taxation: Real property is taxed Personal property = not taxed on its own, but taxed through sales tax when purchased. o Real property can become personal property through detachment Ex: harvesting crops (movable) o Personal Property can become real property though attachment Attach personal to real so that it becomes permanent Nails, screws, bolts, cement Ex: floors, appliances Called a fixture: items that have become real property through attachment o Acquisition of Property 1. Purchase property 2. Possession: wild animals on your property are yours by mere possession 3. Production: you can create property that is yours 4. Gift: “the voluntary transfer of ownership without exchange of value” 3 requirements for a completed gift: 1. Donative Intent of the Donor: intent to make a gift- looks at relationships between parties 2. Delivery: can be actual delivery or constructive delivery where title is given not actual handed 3. Acceptance: Donee (recipient) must receive the gifts 2 Kinds of Gifts: Inter Vivos: a gift among the living Causa Mortis: a gift given in contemplation of imminent death Only effective if donor dies 5. Accession: something is added of value Anything attached gets added to the actual value Ex: car 6. Mislaid Property: owner puts property down and forgets it Finder does not become owner True owner always has title- person who finds it becomes “caretaker” 7. Lost Property: you have ownership in the property against all the world except the true owner What if you know the true owner? If you secret it and keep it, its close to theft “tort of conversion” = when you have converted something to become yours 8. abandoned property: obvious it has been discarded; whoever takes possession becomes the title holder ex: lady comes across expensive china box- owners tries to reclaim property, but couldn’t because it was discarded on the side of the road 9. Process of Escheat: unclaimed property Governed by a state statute Bank accounts: tax returns: lottery winnings When it goes unclaimed, government becomes owner o Statutory period is seven years o Secretary of state every summer receives who owns it an amount and advertises in newspapers for claims Bailment: formed by the delivery of personal property without transfer of title from the bailor to the bailee who is the recipient A particular purpose: storage, use, repair When purpoe is accomplished, then returned or whatever the agreement says 3 Requirements for bailment: 1. personal property: can be tangible/intangible; cannot be real property. 2. Delivery of possession and acceptance by Bailee; must be actual and exclusive; bailee has possession and control; bailee must have knowledge of receiving property 3. Agreement: Includes return of property- nature of a contract; expressed or implied agreement (based on actions); what to do when accomplished 3 Kinds of Ordinary Bailments: o sole benefit of bailor o sole benefit of bailee o mutual-benefit bailment Benefits Bailor: benefits person who owns the property o Storage of personal property when moving o Rights and duties of Bailee: “slight care”: Bailee is responsible if bailee is grossly negligent in duty, then responsible for what happens Ex: walking away from a computer and leave because you said “yes” to watching it Benefits Bailee: Bailor lends property to bailee o Borrows computer from bailor o Duty: bailee is responsible for even slightest damage “utmost care” Mutual-benefit: involves compensation o Valet parking: turn possession and control over to another eclusive control for pay o Duty: “reasonable care” expected to use care reasonably What does bailment not include? o Rental of space: storage buildings o Parking in a paid for parking lot
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