Personal Property and Bailments

These flashcards cover key vocabulary terms related to personal property and bailments, aimed at preparing for an exam.

Real Property

Land or property attached to or imbedded in land.

Personal Property

Property that is movable and not fixed to one location; includes tangible items, debts, and intellectual rights.

Tangible Personal Property

Physical items that can be touched or moved.

Chose in Action

A right to receive a payment or claim, considered personal property.

Intangible Personal Property

Non-physical assets such as intellectual rights, including copyright and patents.

Donative Intent

The intention of the donor to give a gift.

Delivery (in terms of gifts)

The transfer of a gift, which can be actual or constructive.

Conditional Gift

A gift that is subject to a condition or event that must occur for it to be completed.

Anatomical Gift

A gift of body parts that takes effect at the time of death.

Categories of Lost Property

Includes lost, misplaced, abandoned property, treasure trove, and host jorest.

Escheat

The process by which unclaimed property is transferred to the state.

Joint Tenancy with Right of Survivorship

A joint ownership arrangement in which, upon death, the tenant's share automatically passes to the surviving tenants.

Tenancy in Common

A type of property co-ownership where each owner has a distinct share.

Bailment

The process of transferring possession of personal property from one person to another under a bailment agreement.

Bailor

The person who delivers property to another for a specific purpose.

Bailee

The person who receives possession of the property from the bailor.

Constructive Bailment

An obligation by law for someone in possession of another's property to take care of it.

Rental vs. Bailment

In rental agreements, the renter has exclusive control, unlike bailment where the bailee has temporary custody.