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Property I
Valparaiso University School of Law
Whitton, Linda S.

I. Law of Finders
          A. Lost Property = Involuntarily place & owner is not aware it is gone => Finder
                   1. Finder must have Dominion and Control
                   2. Finder, unless
                               a. Very private place
                               b. Owner of locus had actual or constructive prior possession
                               c. Finder is a Trespasser
                               d. Finder is in master-servant
                               e. True owner shows up = Finder’s title is good against whole world except True Owner
          B. Mislaid = Voluntarily place & forgotten => Owner of the locus in Quo
                   – Better secures the rights of the true owner
          C. Abandoned = Voluntarily and Intentionally placed w/ no intention to return => Finder
                   – Good against whole world including old owner
          D. Treasure Trove = Hidden $$, gold, silver, etc
                   1. Old
                               a. Buried w/ intent to return => state
                               b. Buried w/o intent to return => finder
                   2. Modern in US => Finder
          E. Shipwreck => Salvage reward to Finder, traditionally
                   1. US Territorial Waters, if abandoned => State
                   2. US Territorial Waters, if not abandoned => Salvage Award to Finder
II. Bailments = rightful possession of goods by a person (the bailee) who is not the true owner
          A. Elements
                   1. Exclusive Control / Possession
                   2. Exclusive Access to the Chattels
                   3. INTENT to Control or Exclude
          B. Types
                   1. Voluntary – bailor gives good to bailee
                   2. Involuntary – found property
                               a. All finders == bailees
                               b. All owners =/= bailors
          C. Standard of Care
                   1. Gratuitous Bailments
                               a. Strictly for Benefit of Bailor
                               b. Slight care & gross negligence
                    2. Mutual Benefit Bailment
                               a. Mutual benefit, duh
                               b. Ordinary Care & Ordinary Negligence
                   3. Bailee’s Benefit
                               a. Strictly for Benefit of Bailee
                               b. Great care & slight negligence
                   4. MODERN => Reasonable Care under circumstances for all 3
          D. Responsibilities of Bailee

                   2. Delivery
                               a. Actual – if can be handed, it must be
                               b. Constructive – giving access
                               c. Symbolic
                   3. Acceptance
          B. Types
                   1. Inter Vivos = between living
                               a. Delivery must be best for situation
                   2. Causa Mortis = in contemplation of impending or imminent death
                               a. Substitute for will
                               b. Donor lives => revoked
                               c. Re-delivery necessary if donee already in possession
V. Possessory Estates
          – Estate = degree, quantity, nature, & extent of an interest a person has in real or personal property
                   1. Present or Future Possessory Interest
                   2. Duration
          A. Fee Simple = Absolute Ownership – largest (can last for ever)
                        1. Alienable, Devisable, and Descendable (ADD)