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Lecture 2

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4 reviews
by: loveena Cherukunnathu

Lecture 2 Blaw 3312 -001

loveena Cherukunnathu
Law II
John D Dowdy

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About this Document

Sept. 1st Notes
Law II
John D Dowdy
Class Notes
blaw, Study notes, UTA, Dawdy
25 ?




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2 reviews
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Dejoria Brown
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"Follows class notes to a T!"
Jalen Johnson

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This 3 page Class Notes was uploaded by loveena Cherukunnathu on Tuesday September 8, 2015. The Class Notes belongs to Blaw 3312 -001 at University of Texas at Arlington taught by John D Dowdy in Summer 2015. Since its upload, it has received 95 views. For similar materials see Law II in Business at University of Texas at Arlington.


Reviews for Lecture 2

Star Star Star Star Star

-Dejoria Brown

Star Star Star Star Star

Follows class notes to a T!

-Jalen Johnson

Star Star Star Star

-Eduardo Paz


nothing was there



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Date Created: 09/08/15
9115 gt If you want it as a fixture put it on your contract to make sure that the buyer knows 3 Property ownership can be viewed as a bundle of rights right to possess right to dispose of right to encumber etc Personal property B Personal Property acquisition of ownership gt The easiest way to acquire ownership just take it 1 Acquisition of title to personality by purchase covered by the law of sales beyond the scope of this chapter 2 Acquisition of title to personality other than by purchase A Abandoned lost and mislaid property gt Abandoned the finder can just take ownership 0 Example Dog Misty that followed you home If no one takes ownership and you take it in and take care of it then it s yours 0 Example put dishwasher on the curb and put a note saying quotIt still works we don t want it Feel free to take it You abandoned it so whoever wanted it can have it gt Lost who lost it needs to give enough timewindow and take the effort to find the property before others can take ownership 0 The ownerjust lost the property gt Mislaid the owner of the property is who found it is the one that is supposed to do the statutory procedures 0 The owner purposefully put the item in a particular place and forgot where heshe put it o If the mislaid property is laid of someone s real estate then that real estate owner is responsible for the item 0 Example case There was a hotel and the maid was cleaning up the guests rooms She found 800 and she turned it in to the manager I The lawsuit was between the owner and the maid for who was entitled of the cash I Evidence showed that the cash was mislaid B Production gt If you produce it it s yours gt With pets too If you have a dog and dog have puppies puppies are yours C Gift gt Living intervolves gifts you give somebody something right now 0 Presupposes 3 elements 1 Donor has to have donated intent Completely relinquish ownership in favor of donee gift with no strings attached I Donee can do whatever he wants with it because there is a new owner 2 Delivery I Actual delivery where the donor actually physically transfers the subject matter I Symbolic constructive delivery 0 Example A car would have to have the turning over of title papers or pick up the car 0 Example farmer who has grain stored in grain machines And wants to make a gift of that grain for someone He can t pick up the machine and physically hand it over So he takes a hand full of grain and gives it to the donee as a symbolic delivery 3 Acceptance I If there is delivery the acceptance is kind of present there Delivery and acceptance go together 0 Example Husband and wife come into the law office And they want to do some estate planning It is big enough to generate federal estate tax I A plan is explained to them 1St all a bypass trust that is part of the will and also a separate living trust Still some federal estate tax so find exclusion Give donee s a certain amount of money without giving gift tax Program of making life time gifts have a family limited partnership and each year have a donation 0 Example There is a decedent with 4 children I Daddy in the will gave everything equally to the 4 children But D child is holding 5700 of barrel bonds almost like cash At one time it belonged to daddy but D has it now A child is saying those bonds are part of the estate hand it over to divide equally But D says those bonds are his because daddy gave them to him before he died D is claiming that it was a lifetime gift so he has to show the 3 requirements donate delivery and acceptance A maybe is arguing that daddy just turned those bonds to D for safe keeping because daddy s safety deposit box was full If it can t be traced then divide it up in the family gt Gift cause of mortal The donor is making the gift in anticipating of dying from an identified cause 0 Example Uncle is in the hospital and he has open heart surgery the next day Uncle says his nephew Boba s name is on my safety deposit box in my bank And gives the key to the box to Boba I don t think I will make it out of the surgery Uncle survives the surgery He is intended to get the key and box back from Boba because Uncle didn t die If after he goes home from hospital and gets involved in a wreck and because of it he is killed Executed of the gift has to still return the gift because Uncle didn t die from the identified cause 0 Example In time of war A solider was sent to Japan for war And he made a gift to his brothergirlfriend thinking he won t come back But he came back so he has to get the gift back gt Testamentary gift deed will D Will or inheritance If someone dies on test date that means there is a will And the estate will pass according to the will If someone dies in test date there is no will No testamentary disposition Sometimes there is a mix of both There is a will but doesn t dispose all the assets In test date there is a default in the estate code in the statue That decided who the heirs of law are when court decides Offer proof to the court on which all are the beneficiaries


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