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Public Auction

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Public auction From Wikipedia, the free encyclopedia

This article is about an auction on behalf of a government. For auctions open to the public, see Auction. A public auction is an auction held on behalf of a government in which the property to be auctioned is either property owned by the government, or property which is sold under the authority of a court of law or a government agency with similar authority. [edit]Sale

of property owned by the government

Government property sold at public auction may include surplus government equipment, abandoned property over which the government has asserted ownership, property which has passed to the government by escheat, government land, and intangible assets over which the government asserts authority, such as broadcast frequencies sold through a spectrum auction. Public auctions of government property may be conducted by whichever agency is auctioning the property. Some substantial items have been sold at public auction. For example, the United States Navy cruiser USS Philadelphia (C-4) was sold at such an auction at the Puget Sound Navy Yard in 1927. [edit]Sale

of private property in a public auction

Private property may be sold in a public auction for a number of reasons. It may be seized through a governmental process to satisfy a judgment rendered by a court or agency, or to liquidate amortgage foreclosure, tax lien, or tax sale. Usually, prices obtained at a public auction to satisfy a judgment are distressed - that is, they are much lower than the price which would be obtained for that property if the seller were free to hold out for an optimal time to sell. In the United States, public auctions to satisfy judgments are usually conducted under the authority of the sheriff of the county or city in which the property to be auctioned was seized pursuant to the judgment, and an auction held for such a purpose is also called a Sheriff's sale. Real property may be subject to a public auction in order to partition the property between joint tenants who can not agree as to how the property should be divided. An estate sale conducted at the direction of a probate court may also be conducted as a public auction. For a directory of sheriff sales and auctions, visit sheriffsalesnet.com.

[edit] An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder. In economic theory, an auction may refer to any mechanism or set of trading rules for exchange. There are several variations on the basic auction form, including time limits, minimum or maximum limits on bid prices, and special rules for determining the winning bidder(s) and sale price(s). Participants in an auction may or may not know the identities or actions of other participants. Depending on the auction, bidders may participate in person or remotely through a variety of means, including telephone and the internet. The seller usually pays acommission to the auctioneer or auction company based on a percentage of the final sale price.

Lost, mislaid, and abandoned property From Wikipedia, the free encyclopedia (Redirected from Abandoned property)

Property law Part of the common law series

Acquisition

Gift · Adverse possession · Deed Conquest · Discovery · Accession Lost, mislaid, and abandoned property Treasure trove · Bailment · License Alienation

Estates in land

Allodial title · Fee simple · Fee tail Life estate · Defeasible estate Future interest · Concurrent estate Leasehold estate · Condominiums

Conveyancing

Bona fide purchaser Torrens title · Strata title Estoppel by deed · Quitclaim deed Mortgage · Equitable conversion Action to quiet title · Escheat

Future use control

Restraint on alienation Rule against perpetuities Rule in Shelley's Case Doctrine of worthier title

Nonpossessory interest

Easement · Profit Covenant Equitable servitude

Related topics

Fixtures · Waste · Partition Riparian water rights Prior-appropriation water rights Lateral and subjacent support Assignment · Nemo dat

Property and conflict of laws

Other common law areas

Contract law · Tort law Wills, trusts and estates Criminal law · Evidence

v·d·e

Lost, mislaid, and abandoned property are categories of the common law of property which deals with personal property which has left the possession of its rightful owner without having directly entered the possession of another person. Property can be considered lost, mislaid or abandoned depending on the circumstances under which it is found by the next party who obtains its possession. The rights of a finder of such property are determined in part by the status in which it is found. Because these classifications have developed under the ancient and often archaic common law of England, they turn on nuanced distinctions. The general rule attaching to the three types of property may be summarized as: A finder of property acquires no rights in mislaid property, is entitled to possession of lost property against everyone except the true owner, and is entitled to keep abandoned property.[1] This rule varies by jurisdiction.[2] Contents [hide]



1 Lost property



2 Mislaid property



3 Treasure trove



4 Abandoned property



5 Recent developments



6 See also



7 References



8 External links

[edit]Lost

property

Property is generally deemed to have been lost if it is found in a place where the true owner likely did not intend to set it down, and where it is not likely to be found by the true owner. At common law, the finder of a lost item could claim the right to possess the item against any person except the true owner or any previous possessors.[3][4] The underlying policy goals to these distinctions are to (hopefully) see that the property is returned to its true original owner, or "title owner." Most jurisdictions have now enacted statutes requiring that the finder of lost property turn it in to the proper authorities; if the true owner does not arrive to claim the property within a certain period of time, the property is returned to the finder as his own, or is disposed of. [5] In Britain, many public businesses have a lost property desk, which in the United States would be called a lost and found. Many exceptions may be applied at common law 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 exception, a landowner has superior claim over a find made within the non-public areas of his property, so if a customer finds lost property in the public area of a store, the customer has superior claim to the lost property over that of the store-owner, but if the customer finds the lost property in the non-public area of that store, such as an area marked "Employees Only," the store-owner will have superior claim, as the customer was trespassing when he found it. [6] The status of finders as employees or tenants of the landowner complicates matters, because employees and tenants have legitimate access to non-public areas of a landowner's property that others would not, without trespassing. Employees and tenants, however, still usually lose superior claim over lost property to their employers or landlords if the property is found within the scope of their employment, or outside the actual leased area, respectively.[7] For example, if the lost property is found by a tenant inside the walls of his leasehold, or by an employee embedded within the soil of an estate owned by his employer, the landowner (as employer or landlord) of the property where it was found usually has a superior claim of right over that of the finder. However, this is not always the case, as a long-term tenant who finds lost property within the leased area of his leasehold may have a superior claim over that of his landlord (especially if the landlord has never been to the property). While employers usually have a superior claim over lost property found by their employees, exceptions to this exist as well, as modern law sometimes grants the employee superior

claim if turning over lost property to his employer is not part of his job description (such as if the employee is an interior decorator).[8] Unclaimed Property laws in the United States provide for two reporting periods each year whereby unclaimed bank accounts, stocks, insurance proceeds, utility deposits, un-cashed checks and other forms of "personal property" are reported first to the individual state Unclaimed Property Office, then published in a local newspaper and then finally the property is turned over to the State for safe keeping until its rightful owner makes a claim. The states sponsor a free public site that reports a only a portion of the unclaimed property available in the United States. There are commercial sites as well that provide the same information or portions of the information for a fee. Some consumer reporting sites that conduct the research and assist consumers without charge or expense to the consumers. [edit]Mislaid

property

Property is generally deemed to have been mislaid or misplaced if it is found in a place where the true owner likely did intend to set it, but then simply forgot to pick it up again. For example, a wallet found in a shop lying on a counter near a cash register will likely be deemed misplaced rather than lost. Under common law principles, the finder of a misplaced object has a duty to turn it over to the owner of the premises, on the theory that the true owner is likely to return to that location to search for his misplaced item. If the true owner does not return within a reasonable time (which varies considerably depending on the circumstances), the property becomes that of the owner of the premises. [9] [edit]Treasure

trove

Main article: Treasure trove Treasure trove is property that consists of coins or currency hidden by the owner. To be considered treasure trove and not mislaid property, the property must have been deliberately hidden or concealed, and sufficiently long ago that the original owner can be considered dead or not discoverable. For example, under English law, 100 Roman coins found buried in a chest would be treasure trove; however, 100 Roman coins which were lost over time in a marketplace would not be treasure trove, as they were not deliberately hidden as a single hoard. Under American common law, treasure trove belongs to the finder unless the original owner reclaims. Some states have rejected the American common law and hold that treasure trove belongs to the owner of the property in which the treasure trove was found. These courts reason that the American common law rule encourages trespass.

Under the traditional English common law, treasure trove belongs to the Crown, though the finder may be paid a reward. [edit]Abandoned

property

Maui Police Department Sticker affixed to Abandoned Cars.

Property is generally deemed to have been abandoned if it is found in a place where the true owner likely intended to leave it, but is in such a condition that it is apparent that he or she has no intention of returning to claim it. Abandoned property generally becomes the property of whoever should find it and take possession of it first, although some states have enacted statutes under which certain kinds of abandoned property – usually cars, wrecked ships and wrecked aircraft – escheat, meaning that they become the property of the state.[10] [edit]Recent

developments

In the United States, the National Conference of Commissioners on Uniform State Laws sought to address the problems arising from these types of property through provisions of the Uniform Unclaimed Property Act. The act was first drafted and promulgated in 1981 and was revised in 1995. The act specifically focuses on the problem of unclaimed money in bank accounts and corporate coffers, and the escheatment thereof. As a result of the Act, each state operates an Unclaimed Property fund in which the proceeds from abandoned bank accounts, unpresented checks, etc. are to be turned over to the state after a specified period of time. Depending on state law, the money may be held either in perpetuity (i.e., the funds never escheat to the state; an example would be Texas), or after a long period of time (whereby it is presumed that the owner is deceased with no heirs) the funds will escheat to the state. Due to the increasing mobility of the population, the vast majority of states (and at least two Canadian provinces) have joined together to operate MissingMoney.com, a searchable database which lists unclaimed funds for several states.

A similar problem has developed with respect to orphan works, artistic or literary works for which a copyright is in effect, but for whom the copyright owner cannot be found. [11] [edit]

REPUBLIC ACT NO. 730 - AN ACT TO PERMIT THE SALE WITHOUT PUBLIC AUCTION OF PUBLIC LANDS OF THE REPUBLIC OF THE PHILIPPINES FOR RESIDENTIAL PURPOSES TO QUALIFIED APPLICANTS UNDER CERTAIN CONDITIONS

Section 1. Notwithstanding the provisions of sections sixty-one and sixty-seven of Commonwealth Act Numbered One hundred forty-one, as amended by Republic Act Numbered Two hundred ninety-three, any Filipino citizen of legal age who is not the owner of a home lot in the municipality or city in which he resides and who has in good faith established his residence on a parcel of the public land of the Republic of the Philippines which is not needed for the public service, shall be given preference to purchase at a private sale of which reasonable notice shall be given to him not more than one thousand square meters at a price to be fixed by the Director of Lands with the approval of the Secretary of Agriculture and Natural Resources. It shall be an essential condition of this sale that the occupants has constructed his house on the land and actually resided therein. Ten per cent of the purchase price shall be paid upon the approval of the sale and the balance may be paid in full, or in ten equal annual installments. Section 2. Except in favor of the Government or any of its branches, units, or institutions lands acquired under the provisions of this Act shall not be subject to encumbrance or alienation before the patent is issued and for a term of ten years from the date of the issuance of such patent, nor shall they become liable to the satisfaction of any debt contracted prior to the expiration of said period. No transfer or alienation made after the said period of ten years and within fifteen years from the issuance of such patent except those made by virtue of the right of succession shall be valid unless when duly authorized by the Secretary of Agriculture and Natural Resources and the transferee or vendee is a Filipino citizen. Every conveyance made shall be subject to repurchase by the original purchaser or his legal heirs within a period of five years from the date of conveyance. Any contract or agreement made or executed in violation of this section shall be void ab initio. Section 3. The provisions of the Public Land Act with respect to the sale of lands for residential purposes which are not inconsistent herewith shall be applicable. Section 4.

This Act shall take effect upon its approval.

Approved: June 18, 1952

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