Exam 36: Personal Property

If confusion occurs as a result of agreement, the owners share ownership as joint tenants .

Property that the owner has parted with involuntarily and then cannot find or recover is mislaid property .

Frank owns a collection of rare musical instruments. His ownership includes the rights to use, sell, or give away the property, On Frank's death, his interest in the collection will pass to

No form of property ownership entitles the owner to the entire bundle of property rights.

T.J. owns a Miata. T.J. can use the car or dispose of it as he wishes. When T.J. dies, the car will descend to his son. T.J. is an owner in

Perry gives Rachel a phone as a gift. Rachel develops a new app for the phone, obtains intellectual property protection, and forms Quick Apps LLC to sell it. Rachel's acquisition of the app is by

A gift is a voluntary transfer of property ownership for consideration.

While moving to a new apartment, Vance discards a couch near the entrance to his old residence, with no intention of recovering it. The couch is

Rosa, a writer, has a computer in her office. She has a copyright on her most recent work, a memoir of her trip through South America. The memoir has been successful and given her much public goodwill. Her tangible personal property includes

Angela voluntarily transfers her prize-winning horse Beaux to Cady without consideration. Provided all of the requirements are met, this is acquisition of property by

Simply finding something gives the finder all legal rights in the property.

Abigail and James are wheat farmers with adjacent properties. After Abigail and James harvest their wheat, they combine it by storing the wheat in a single silo. This constitutes

Belle finds a tablet on the counter at Café Latte. She takes it to a police station where she is told that if it is not claimed by a certain time, she can obtain title to it. This is acquiring possession by

The concept of personal property can expand to take account of new types of ownership rights.

Mallory's sister Naomi gives Mallory a leather working kit for Christmas. Mallory uses the kit to make a saddle. Mallory's acquisition of the saddle is by

Edna and Flavia buy a boat that they dock in a marina near Gulfport, Mississippi. On the death of either owner, that owner's interest in the boat passes to her heirs. This is

An owner in fee simple is entitled to use or possess property, but not to dispose of it as he or she chooses, during his or her lifetime.

Sometimes, a person can become an owner of personal property by possessing it.

Dick buys a fishing license and goes fishing. He catches a trout, cleans it, cooks it, and eats it. Dick's acquisition of the trout is by

The legally protected rights and interests that a person has in anything of established value subject to ownership is