Theories
Property is inherent to the individual, derived from self-ownership, and existing prior to government.
What is Natural Rights theory?
The finder normally has superior rights to all except the true owner. However, if embedded in the ground, it may be treated as real property.
What is lost property?
A common law tort of using another's property inconsistent with the rights of the true owner or rightful possessor.
What is conversion?
When a donor transfers property in anticipation of imminent or impending death.
What is a gift causa mortis?
A person who dies without a will.
The law says something is property, therefore it is property.
What is Legal theory?
Many states, including Texas, treat it as lost or mislaid property.
What is treasure trove?
A civil action or remedy to recover the property itself.
What is replevin?
An engagement gift that is irrevocable.
What is a courtship gift?
Succession to real property without a will?
What is descent?
Property is earned through the toil of creating it.
What is Labor theory?
Actually having the property and the intent to maintain control over it.
What is possession?
Disputes between parties who do not have ownership over the property.
What is unauthorized possession?
Actually holding another's property continuously, hostilely, and openly so that true owner is aware you have it.
What is adverse possession?
Discovery rule which states that the statute of limitations will not run until the injured party has discovered who has their property.
Property is yours because you possessed it first and it was not previously owned or created.
What is Occupation theory?
Property that has intentionally been left somewhere by the true owner, who intended to return but forgot.
What is mislaid property?
An action for monetary compensation for conversion of personal property.
What is trover?
When a person obtains property by paying value in good-faith and without knowledge of a claim by the true owner.
What is a bona fide purchase?
What is a beneficiary?
Property is good for society because acquiring it creates incentive to work.
What is Social Utility theory?
Property that, if real, will more likely go to landowner. If person, more likely the finder.
What is first occupant?
Bailments with a higher standard of care.
A person who exercises honesty-in-fact, observes reasonable commercial standards, and pays value for the purchase.
What is a Buyer in the Ordinary Course of Business (BIOCOB)?
A person who receives property from an intestate decedent.
What is an heir?