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The common law may apply many exceptions to the rule that the first finder of lost property has a superior claim of right over any other person except the previous owner. For example, a trespasser's claim to lost property which he finds while trespassing is generally inferior to the claim of the respective landowner. As a corollary to this ...
Since theft is the unlawful taking of another person's property, an essential element of the actus reus of theft is absent. [2] The finder of lost property acquires a possessory right by taking physical control of the property, but does not necessarily have ownership of the property. The finder must take reasonable steps to locate the owner. [1]
Unowned property includes tangible, physical things that are capable of being reduced to being property owned by a person but are not owned by anyone. Bona vacantia (Latin for "ownerless goods") is a legal concept associated with the unowned property, which exists in various jurisdictions, with a consequently varying application, but with origins mostly in English law.
Nevada Revised Statute, section 205.0832(d), defines the offense of theft to include coming "into control of lost, mislaid or misdelivered property of another person" and taking the property ...
[2] By contrast, an example of statutory abandonment (albeit in a common law jurisdiction) is the abandonment by a bankruptcy trustee under 11 U.S.C. § 554. In Scots law , failure to assert a legal right in a way that implies the abandonment of that property is called "taciturnity", while the term "abandonment" in Scots law refers specifically ...
For example, a tenant in possession might acquire a fee simple in the land from a superior landowner such as a freeholder. In such a case, the use of quitclaim circumvented the multistep process of the tenant having to formally give up possession to the original freeholder, merely in order to be re-granted possession by feoffment as freeholder ...
The court may directly require the party responsible for the waste to restore the property to its original condition. The court may accelerate the passage of title in the land, divesting a tenant or life estate holder of the property and vesting it in the landlord or remainderman. Kentucky has a particularly harsh remedy for voluntary waste.
This is a deed "for which the grantor implies to have or have had an interest in the property but offers no warranties of title to the grantee." [2] Under common law, this type of deed technically created a use in the buyer who then gets the title. [3] Under the statute of uses, modern real property law disregards this subtle distinction ...