Personal Property and Fixtures

Application Questions for Personal Property Directions: Follow the instructions below to answer the questions provided. MAKE SURE TO READ EACH QUESTION ENTIRELY. 1. Mislaid, Lost, and Abandoned Property. Assume that in the mid 1800’s a passenger ship sank during a storm in the Atlantic Ocean, less than 200 miles off the east coast of the United States. Many of the passengers were gold miners, bringing gold from California. It was estimated that two million dollars of gold was lost when the ship went down. Several insurance companies (including underwriters and others) paid claims for the lost gold.  In 1986 a corporate group used new technology to discover the gold, now estimated to be worth one billion dollars.  The corporate group claimed ownership of the ship and its contents. The insurance companies (and others) that had paid out claims on the lost gold, claimed they owned the gold. Please do your best to answer the questions without additional research (except for your textbook!). Answers will vary, and that’s ok, as long as you support your answer. a. Based on these facts and on what you have learned from your textbook, explain whether the gold is mislaid, lost, or abandoned property. You will need some sentences to define the terms and to apply them to the facts. Determination of whether property is mislaid, lost,...

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