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Methods of Title Acquisition and Tenancy in Common in Personal Property

Chapter 21 of Twomey's Business Law and the Regulatory Environment explores the various methods of acquiring personal property title, including inter vivos gifts, gifts causa mortis, and acquisition through finding or escheat. It clarifies ownership rights, detailing the distinction between sole ownership and concurrent ownership, such as tenancy in common. The chapter highlights key aspects of personal property law, emphasizing the different ways property can be acquired and the nature of concurrent ownership among individuals.

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Methods of Title Acquisition and Tenancy in Common in Personal Property

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  1. Chapter 21Personal Property Twomey, Business Law and the Regulatory Environment (14th Ed.)

  2. Methods of Acquisition of Title[21-1] • Inter vivos gift • Gift causa mortis • Acquisition by finding lost property • Acquisition of abandoned property • Acquisition by escheat Chapter 21

  3. Tenancy in Common [21-2] A + B 1/3 2/3 Tenants in Common B Transfers to C A + C 1/3 2/3 Tenants in Common

  4. Chapter 21 Summary Personal property consists of whole or fractional ownership rights in things that are tangible and movable as well as rights in things that are tangible. Chapter 21

  5. Chapter 21 Summary [2] Personal property may be acquired by purchase. Personal property may also be acquired by gift where the donor has present intent to make a gift and delivers possession to the donee or makes a constructive delivery. Personal property may be acquired by occupation and under some statutes may also be acquired by finding. The state may acquire personal property by escheat. Chapter 21

  6. Chapter 21 Summary [3] • All rights in a particular object of property can be held by one individual, in which case it is said to be held severalty. Ownership rights may be held concurrently by two or more individuals, in which case it is said to be held in cotenancy. The major forms of cotenancy are (1) tenancy in common, (2) joint tenancy, (3) tenancy by entirety, and (4) community property. Chapter 21

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