Part 5- Property, Chapter 23: Personal Property and Bailments, Doc 7 - Edubirdie

University:
Indiana University Bloomington
Course:
Financial and Managerial Accounting: Information for Decisions - John J. Wild
Academic year:

2024
Views:

325

Pages:

1
Author:

bratrochanter

Here’s a brief analysis of each problem and the likely judicial outcomes: 1. Hotel Liability for Lost Cash (Gooden’s Case): o Issue: Does the Georgia statute protect Day’s Inn from liability for the loss of Gooden’s cash? o Analysis: The statute relieves liability if valuables are not stored in the provided safe. However, if negligence or tortious conduct by employees contributed to the loss, the innkeeper may still be liable. Since a hotel employee wrongfully took possession of the money, Gooden could argue that employee negligence voids the statutory protection. o Conclusion: Gooden might prevail against Day’s Inn if he demonstrates that the employees’ actions were tortious or negligent. 2. Warehouse Liability for Lost Whiskey (Reinfeld’s Case): o Issue: Is Griswold and Bateman’s liability limited by the contract to $1,925 despite admitted negligence? o Analysis: Warehouse receipts often limit liability unless there is gross negligence. Since Griswold and Bateman admitted negligence without detailing specific, higher culpability, courts may uphold the contract’s limitation. o Conclusion: Griswold and Bateman’s liability is likely limited to $1,925, as stipulated in the contract, unless Reinfeld proves gross negligence, which would void the limitation. What to Do If You Find Valuable Property Each state typically has “estray” or unclaimed property statutes that outline the steps finders must take:   Obligations: Typically, a finder must report the item to local authorities or post a notice, and they may be required to hold the item for a specific period. Locating the Owner: States often require efforts such as public notices, advertising in newspapers, or contacting local authorities to find the owner before allowing the finder to claim ownership if the owner does not come forward within a set period. Check your state’s unclaimed property or estray statutes for specific legal steps and holding requirements.

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