Property - Part 2(more)

This set of flashcards covers key concepts from the lecture notes on property law, focusing on rights associated with property, types of property, mechanisms of ownership transfer, and legal implications surrounding trusts and inheritance.

What is lost property?

Lost property is property that has been unintentionally parted with, and the owner does not know where it is.

What is mislaid property?

Mislaid property is property that was intentionally left somewhere and then forgotten.

What happens to the finder of lost property?

The finder can claim possession against everyone except the true owner, and must report it to authorities.

What is the significance of 'bundle' of rights in property?

Property is viewed as a 'bundle' of rights due to the various legal rights it encompasses, like possession, use, and exclusion.

What defines a gift in property law?

A gift requires donative intent from the donor and actual or constructive delivery to the donee.

What are the two types of trusts?

The two forms of trusts are revocable and irrevocable trusts.

What does eminent domain entail?

Eminent domain is the process through which the government seizes private property for public use.

What is the role of a testator?

The testator is the individual who creates a will to determine how their property is distributed after death.

What is a trust in property law?

A trust is a legal arrangement where a grantor conveys property to a trustee who manages it for the benefit of a beneficiary.

What are the two forms of trusts?

The two forms of trusts are revocable and irrevocable trusts.

What is the main difference between revocable and irrevocable trusts?

Revocable trusts can be terminated or changed by the grantor, while irrevocable trusts cannot be changed or terminated by the grantor.

What is probate?

Probate is the process of executing a will after a person's death, distributing property, and resolving disputes.

What happens to the estate of a person who dies intestate?

The estate will be distributed according to the rules of intestate succession, starting with immediate family.

What is eminent domain?

Eminent domain is the government's legal procedure to seize private property for public use.

What constitutes 'public use' in the context of eminent domain?

Public use typically involves government projects like constructing highways or transit systems for public utilization.

What is a taking in property law?

A taking occurs when the government seizes title or imposes restrictions that diminish property value.

What is a regulatory taking?

A regulatory taking is when government action restricts the use of property without physically seizing it, affecting its value.

What is zoning in property law?

Zoning is a process where local governments regulate land use to maintain order and prevent conflicting activities.

What is the typical outcome for property in intestate succession?

The property often goes to family members, with spouses and children typically receiving precedence.

What are some examples of personal property?

Examples of personal property include vehicles, furniture, clothing, and electronics.

What is the status of property found by employees during work?

Employees must turn over found property to their employer, who has finder's rights.

What is donative intent?

Donative intent is the intention of the donor to relinquish all rights to the gift without expecting anything in return.

What is meant by accession in property law?

Accession refers to the natural increase of property, such as offspring of livestock.

When can property be taken away by the government?

Property can be taken away through eminent domain for public use, subject to compensation regulations.

What legal requirement must trustees fulfill?

Trustees have a fiduciary duty to manage trust assets for the benefit of the beneficiary.

What is the role of a testator in relation to a will?

The testator is the individual who creates a will to direct how their property should be distributed after death.

What are the potential consequences for property after a debtor's death?

Creditors may claim certain assets from the estate, despite the provisions of the will.