1. Aunt Grace wished to make a gift of her necklace to her niece Kate. Grace wrapped the necklace in a box, put Kates name on it, and put it in her (Graces) safe deposit box at the bank. Grace has the only key to the safe deposit box. After Grace dies, who owns the necklace? Discuss fully. 

2. Smith and Jones each owned a one-half interest, as tenants in common, in a farm called Green Acres. Smith died in 1988. In his will, he left his share of Green Acres to his wife, Joan. In 1991, Jones made a gift of his share of Green Acres to his daughter and son-in-law, Wilhelmina and Beauregard, as tenants by the entirety. Beauregard died in 1994. His will stated that he was leaving his share of Green Acres to his faithful secretary, Fawn. On these facts, who owns Green Acres? 
Discuss fully.

3. Locko owned Locko Hospitality, Inc., which in turn owned the Best W motel in Conway, State of Nowhere. Joe and David were preparing the motel for renovation. As they were removing the ceiling tiles in room 118, with Locko present in the room, a dusty cardboard box was noticed near the heating and air supply vent where it had apparently been concealed. Joe climbed a ladder to reach the box, opened it, and handed it to David. The box was filled with more than $38,000 in old currency. Locko took possession of the box and its contents. Joe and David filed a suit in state court against Locko and his corporation to obtain the money. Should the money be characterized as lost, mislaid, or abandoned property? As to each, why or why not? To whom should the court award it? Explain.