Property Essay

342 Words2 Pages
1. What is lost property? Lost property is personal property that was unintentionally left by its true owner and the owner has no knowledge about it. The finder of a lost property can claim the right to possess the item against any person except the true owner or any previous possessors. 2. What is mislaid property? Mislaid property is personal property that was intentionally set down by its owner and later forgotten. The finder of a misplaced object has a duty to turn it over to the owner if the true owner is likely to return to that location to search for the item. 3. Who owns abandoned property? Property left behind (often by a tenant) intentionally and permanently when it appears that the former owner (or tenant) does not intend to come back, pick it up, or use it. Abandoned property usually becomes the property of the person who finds it and takes possession of it first. Some states have statutes under which certain kinds of abandoned property such as cars would become the property of the state. 4. If a thief steals your television, a thief sells it to a person who does not know that it was stolen, who owns the television? Explain Even though the person does not know that the television was stolen, the original owner, me, is still the legal owner unless the good is insured. The person who bought the television should give the television back to me as soon as possible. Otherwise, I could apply for a court order. 5. What is license in regard to real property? A license represents the temporary right to enter someone else’s land for a specific purpose. The landowner is essentially giving someone else permission to enter his property. This is not a true interest in the land, and the licensor can generally revoke the license. The situations where the license may not be revocable are when the license has interest in property located on the

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