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Exam 36: Personal Property

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Question 31

Multiple Choice

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Ester sells stock in Fast Food Inc. to Gayle. Ester does not hand the stock certificates to Gayle, but gives her the key to a safety-deposit box in Heartland Bank in which the certificates are locked. This is

A) incomplete delivery.
B) constructive delivery .
C) ineffective delivery.
D) temporary delivery.

E) C) and D)
F) B) and D)

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Question 32

Multiple Choice

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Marcy owns land in North Dakota under which deposits of oil shale are discovered. Marcy sells the rights to the shale to Oil Mining Inc. Once the oil in the rock is removed and refined, it will be considered

A) personal property.
B) real property.
C) intangible property.
D) intellectual property.

E) All of the above
F) A) and D)

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Question 33

Multiple Choice

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James works at Kay's Breakfast Café. After work, in the parking lot, James finds a diamond ring lost by Lani. Title to the ring is possessed by

A finder of mislaid property has no obligation to return the property to the true owner.

Heidi owns a smartphone, a tablet, and a patent on an app. Her intangible property includes

When one tenant in common dies, that party's interest in the property automatically passes to the surviving owners.

When a joint tenant dies, his or her interest in the property passes to his or her chosen heirs.

Gina buys silver to make jewelry. The finished products are sold to Hand Crafts, a shop that sells these items to customers who often present them as gifts. The most common way to acquire personal property is to

Adam promises his daughter Bev that she can have his restored 1968 Chevy Corvette when he dies. This is

A patent is tangible personal property.

Accession occurs when someone acquires title to a valuable piece of personal property by assuming a position of power.

Leon transfers his shares of stock in Microsoft Inc. to National University as a gift. The school, which pays nothing for the stock, is the owner of the shares in

While hiking on Mountain Trail, Nick's camera falls from his pocket. He fails to notice its loss for a mile, and is then unable to find it. Olin finds the camera. Pete tries to take it from Olin. The party who can assert the best title to the camera is

Stocks and bonds are intangible personal property.

During a storm in Tornado Alley, a house is destroyed, but its owner Dorothy survives. Dorothy plans to return to the site to salvage her possessions, but she delays. Meanwhile, Elliott combs through the ruins and removes all useful items. Dorothy learns of the recovery and files a suit against Elliott, claiming that the items are hers. Elliott responds that the destroyed house was abandoned and therefore he has good title to whatever he took possession of. What is the court likely to rule, and why?

Property that has been placed somewhere by the owner voluntarily and then inadvertently forgotten is abandoned property .

A promise to make a gift tomorrow or next year is a gift .

Kim and Leola own 10,000 shares of stock in My-T Gro Corporation. On the death of either owner, that owner's interest in the stock passes to the surviving owner. This is

Faye owns the land on which Golden Spurs Ranch is situated, plus the ranch house, barn, and other structures permanently attached to the land. Faye's brother Huey owns everything else in the ranch's operation-livestock, feed, and so on. The personal property is owned by

The rights and interests a person has in anything with an established value that is subject to ownership can constitute property .