THEORIES OF PROPERTY
John Locke’s theory that individuals gain property rights by mixing their labor with unowned resources
What is Labor Theory
personal property that has been parted with casually, involuntarily, or unconsciously; finder becomes constructive bailee for a reasonable time; true owner only has claim for the reasonable time
What is Lost property?
“to A and A’s heirs”
Elements of Adverse Possession
What is Open, Continuous, Exclusive, Adverse, and Notorious?
Elements of a gift
what is intent, delivery, and acceptance?
Ownership arises when someone first physically takes possession of a resource; Emphasizes the act of taking control as the basis for property rights
What is Occupation Theory?
property no longer in possession of prior possessor who intentionally gave up, surrendered, relinquished, or released property; finder has immediate title
What is Abandoned property?
“to A for life”
What is a Life Estate?
Court can find adverse possession even when the exact borders between the lots is not in the evidentiary record
What is the rule in Morgan v White?
gift given in anticipation of death; revocable
What is a gift causa mortis?
Views property as a collection of rights, including the rights to use, exclude others, transfer ownership, and dispose of the property; Emphasizes the flexibility and adaptability of property rights
What is Bundle of Rights Theory?
owners can recover the value of the property in court
What is Trover?
“To A as long as the property is , used for farming”
What is the possibility of reverter?
Use that does not recognize the authority of the title holder is adverse
What is the rule in Senez?
Delivery of a check is not a complete gift; Donee must deposit the check to achieve acceptance
What is the rule in Creekmore?
Suggests that property rights are a result of an agreement among individuals to protect each other's claims to resources; Property rights are a necessary condition for a functioning society.
What is Social Contract Theory?
finder becomes a constructive bailee (holder of the property); true owner (constructive bailor) can recover the property because they have title
What is Mislaid property?
“To A, but if A ever enrolls in law school, then to B”
What is executory interest?
Permission defeats adverse possession (hostile/adverse element); But permission requires communication. Nonaction and silence do not prove permission
What is the rule in Kudar v Morgan?
You can give a remainder as an inter vivos gift and retain a life estate chattel
What is the rule in Gruen?
Property is a mechanism for facilitating economic activity and social relations; Property law serves as a set of default rules that promote efficiency and stability
What is Instrumental Theory?
Constructive possession depends on the locus in quo control that is exerted
What is the rule in Flax?
“To A, but if the property is not used for school purposes, grantor has the right to re-enter and retake the property.”
What is right of entry?
Claimant has to establish prima facie showing of adverse possession. Then owner must establish permissive use to rebut
What is the burden shifting paradigm?
Donor tells donee that donor has a box of jewelry as a gift for donee. Donee says thank you.
What is lack of delivery?