What if one legally bought illegal asset?

[ynm]

Hi everyone,

I just wonder, in general, if someone bought illegal asset but he doesn't know that. E.g Alice robbers/cheats/usurps something (let's call it A) from Bob, then Alice sells that to Charlie legally. After that Alice consumed all the money, so it can not be retrieved. So in the end, should A be returned to Bob or could be stayed with Charlie? How does the law deal with it?

Regards

 

[CdwJava]

What state is this? What is the "asset?" How was it obtained? (Yes, what the item is and HOW it was obtained may make a huge difference as to who might end up with it or whether it will be criminal or civil.)

Was the price paid so much of a bargain that a reasonable person would have suspected it was not legit?

Are we talking a criminal matter, or a civil one?

In general, most states hold that it is a crime to possess property that the person knew or reasonably should have known was stolen.

 

[racer72]

Hi everyone,

I just wonder, in general, if someone bought illegal asset but he doesn't know that. E.g Alice robbers/cheats/usurps something (let's call it A) from Bob, then Alice sells that to Charlie legally. After that Alice consumed all the money, so it can not be retrieved. So in the end, should A be returned to Bob or could be stayed with Charlie? How does the law deal with it?

Regards

Your problem is the bolded part. Alice cannot legally sell something she does not own. I was in this situation once. I had to return the items to the theft victim and my recourse was against the person that stole the items. I came thisclose to being charged with receiving stolen property even though I had no reason to believe the stuff was stolen.

 

[Zigner]

Your problem is the bolded part. Alice cannot legally sell something she does not own. I was in this situation once. I had to return the items to the theft victim and my recourse was against the person that stole the items. I came thisclose to being charged with receiving stolen property even though I had no reason to believe the stuff was stolen.

However, that's not how things work in all situations. The state is a very important (and missing) component to this thread.

 

[Antigone*]

Sounds like homework to me.

However, it is illogical to think that one can "legally" sell and item that has been illegally obtained

 

[Zigner]

Sounds like homework to me.

However, it is illogical to think that one can "legally" sell and item that has been illegally obtained

But, turn it around. The supposition should be that the buyer purchased the item in what appeared to be an entirely legitimate transaction. (The question was phrased wrong.)

If we knew the state, we could then start speaking about conversion, etc. But, since we don't...well, ya know.

 

[tranquility]

It seems silly to try too hard with such scant information (That seems homeworky anyway.), but, if goods, one might start at:
http://www.law.cornell.edu/ucc/8/8-302.html

 

[justalayman]

Op should look up a couple terms; holder in due course and bona fide purchaser

Obviously the facts of the matter are critically important but both of those positions can, in some situations, allow Charlie to retain possession of the property in question and be determined to not be liable to the original owner of the property in any way.


And again, more than willing to help with homework because the more you allow others to do for you, the less you actually gain from your course in school which will, if Karma steps in, cause you to eventually fail at your endeavors which will result in all the money you spent attempting to achieve your goal to be wasted.

 

[ynm]

Many thanks

It is not homework, but just a question I had out of curiosity, and I am not related to legal business so I don't have any clue how to find out the answer.

Regards

 

[CdwJava]

Many thanks

It is not homework, but just a question I had out of curiosity, and I am not related to legal business so I don't have any clue how to find out the answer.

Regards

Then there's not a lot we can do ... too many variables.

 

[justalayman]

Google, my friend, Google. The all knowing and often frustrating Google. I gave you a couple terms that should give you enough research material it can keep you busy for years trying to learn it.

 

[ynm]

Google, my friend, Google. The all knowing and often frustrating Google. I gave you a couple terms that should give you enough research material it can keep you busy for years trying to learn it.

Thanks justalayman, actually after reading your previous post I read bona fide purchaser and that is the answer I want.

Regards

 

[CdwJava]

But, depending on state law and the nature of the property, a person who unknowingly buys a stolen item may NOT be required to return it to the original owner without compensation. So, this is not a one-size-fits all proposition. This is regularly an issue in my state particularly when it involves pawn brokers and other second-hand dealers.

 

[ynm]

Hi,

Can anyone give me simple example of codes where bona fide purchaser is protected? I tried to search but found nothing.

Regards

 

[You Are Guilty]

Hi,

Can anyone give me simple example of codes where bona fide purchaser is protected? I tried to search but found nothing.

Regards

Here are 100+ pages on the issue. Once you get through these, speak up and we can dig up some more.

http://jay.law.ou.edu/faculty/McCall/Payment Systems/Whaley chap 3 HIDC.pdf