with the dollar threshold for grand theft varying from state to state.Most commonly, the penological consequences of the distinction include the significant one that grand theft can be treated as a felony, while petty theft is generally treated as a misdemeanor.
(2) Where property or a right or interest in property is or purports to be transferred for value to a person acting in good faith, no later assumption by him of rights which he believed himself to be acquiring shall, by reason of any defect in the transferor’s title, amount to theft of the property. If A then lends the car to B Ltd (a company), B Ltd will have possession.
C, an employee of B Ltd then uses the car and has control.
The Model Penal Code includes categories of theft by unlawful taking or by unlawfully disposing of property, theft by deception (fraud), theft by extortion, theft by failure to take measures to return lost or mislaid or mistakenly delivered property, theft by receipt of stolen property, theft by failing to make agreed disposition of received funds, and theft of services. Grand theft, also called grand larceny, is a term used throughout the United States designating theft that is large in magnitude or serious in potential penological consequences.
Grand theft is contrasted with petty theft, theft that is of smaller magnitude or lesser seriousness.
If C uses the car in an unauthorised way, C will steal the car from A and B Ltd.
This means that it is possible to steal one's own property.The actus reus of theft is usually defined as an unauthorized taking, keeping, or using of another's property which must be accompanied by a mens rea of dishonesty and the intent to permanently deprive the owner or the person with rightful possession of that property or its use.For example, if X goes to a restaurant and, by mistake, takes Y's scarf instead of her own, she has physically deprived Y of the use of the property (which is the actus reus) but the mistake prevents X from forming the mens rea (i.e., because she believes that she is the owner, she is not dishonest and does not intend to deprive the "owner" of it) so no crime has been committed at this point.Handling stolen goods The offence of handling stolen goods, contrary to section 22(1) of the Theft Act 1968, can only be committed "otherwise than in the course of stealing".Similar or associated offences According to its title, the Theft Act 1968 revises the law as to theft and similar or associated offences. In Northern Ireland, theft is a statutory offence, created by section 1 of the Theft Act (Northern Ireland) 1969.Stolen goods For the purposes of the provisions of the Theft Act 1968 which relate to stolen goods, goods obtain in England or Wales or elsewhere by blackmail or fraud are regarded as stolen, and the words "steal", "theft" and "thief" are construed accordingly.