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Encyclopedia > Personal property
Property law
Part of the common law series
Acquisition of property
Gift  · Adverse possession  · Deed
Lost, mislaid, and abandoned property
Alienation  · Bailment  · License
Estates in land
Allodial title  · Fee simple  · Fee tail
Life estate  · Defeasible estate
Future interest  · Concurrent estate
Leasehold estate  · Condominiums
Conveyancing of interests in land
Bona fide purchaser  · Torrens title
Estoppel by deed  · Quitclaim deed
Mortgage  · Equitable conversion
Action to quiet title
Limiting control over future use
Restraint on alienation
Rule against perpetuities
Rule in Shelley's Case
Doctrine of worthier title
Nonpossessory interest in land
Easement  · Profit
Covenant running with the land
Equitable servitude
Related topics
Fixtures  · Waste  · Partition
Riparian water rights
Lateral and subjacent support
Assignment  · Nemo dat
Other areas of the common law
Contract law  · Tort law
Wills and trusts
Criminal Law  · Evidence

Personal property is a type of property. In the common law systems personal property may also be called chattels. It is distinguished from real property, or real estate. In the civil law systems personal property is often called movable property or movables - any property that can be moved from one location to another. This term is in distinction with immovable property or immovables, such as land and buildings. Image File history File links This is a lossless scalable vector image. ... This article or section does not cite any references or sources. ... This article concerns the common-law legal system, as contrasted with the civil law legal system; for other meanings of the term, within the field of law, see common law (disambiguation). ... A gift, in the law of property, has a very specific meaning. ... In common law, adverse possession is the process by which title to anothers real property is acquired without compensation, by, as the name suggests, holding the property in a manner that conflicts with the true owners rights for a specified period of time. ... An English deed written on fine parchment or vellum with seal tag dated 1638. ... {{PropertyLaw}} In the [[common law]] of [[property]], personal belongings that have left the possession of their rightful owners without having directly entered the possession of another person are deemed to be lost, mislaid, or abandoned, depending on the circumstances under which they were found by the next party to come... Alienation, in property law, is the capacity for a piece of property or a property right to be sold or otherwise transferred from one party to another. ... Bailment describes a legal relationship where physical possession of personal property (chattels) is transferred from one person (the bailor) to another person (the bailee) who subsequently holds possession of the property. ... To licence or grant licence is to give permission. ... At common law, an estate is the totality of the legal rights, interests, entitlements and obligations attaching to property. ... Allodial title is a concept in some systems of property law. ... Fee simple, also known as fee simple absolute or allodial, is a term of art in common law. ... This article includes a list of works cited or a list of external links, but its sources remain unclear because it lacks in-text citations. ... A life estate, is a term used in common law to describe the ownership of land for the duration of a persons life. ... A defeasible estate is created when a grantor transfers land conditionally. ... In property law and real estate, a future interest - is an interest that accompanies a defeasible estate. ... A concurrent estate or co-tenancy is a concept in property law, particularly derived from the common law of real property, which describes the various ways in which property can be owned by more than one person at a given time. ... A leasehold estate is an ownership interest in land in which a lessee or a tenant holds real property by some form of title from a lessor or landlord. ... This article refers to a form of housing. ... Conveyancing is the act of transferring the legal title in a property from one person to another. ... A bona fide purchaser (BFP)—or bona fide purchaser for value without notice (BFPFVWN)—in the law of real property, is an innocent party who purchases property for value, without notice of any other partys claim to the title of that property. ... Torrens title is a system of land title where a register of land holdings maintained by the state guarantees indefeasible title to those included in the register. ... Estoppel by deed is a doctrine in the law of real property that arises where a party conveys title to land that he does not own to a bona fide purchaser, and then acquires title to that land. ... A quitclaim deed is a term used in property law to describe a document by which a person (the grantor) disclaims any interest the grantor might have in a piece of real property, and passes that claim to another person (the grantee). ... This article is about the legal mechanism used to secure property in favor of a creditor. ... Equitable conversion is a doctrine of the law of real property under which a purchaser of real property becomes the equitable owner of title to the property at the time he/she signs a contract binding him/her to purchase the land at a later date. ... This page is a candidate to be copied to Wiktionary. ... In property law and real estate, a future interest - is an interest that accompanies a defeasible estate. ... A restraint on alienation, in the law of real property, is a clause used in the conveyance of real property that seeks to prohibit the recipient from selling or otherwise transferring his interest in the property. ... The rule against perpetuities is a rule in property law which prohibits a contingent grant or will from vesting outside a certain period of time. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... In the common law of England, the doctrine of worthier title was a legal doctrine that preferred taking title to real estate by descent over taking title by devise or by purchase. ... A nonpossessory interest in land is a term of the law of property to describe any of a category of rights held by one person to use land that is in the possession of another. ... An easement is the right to do something or the right to prevent something over the real property of another. ... A profit, in the law of real estate, is a nonpossessory interest in land similar to the better-known easement, which gives the holder the right to take natural resources such as petroleum, minerals, timber, and wild game from the land of another. ... A covenant running with the land, is a real covenant, in the law of real property. ... An equitable servitude is a term used in the law of real property to describe a nonpossessory interest in land that operates much like a covenant running with the land, requiring the landowner to maintain certain practices with respect to the land (e. ... In the law of real property, fixtures are anything that would otherwise be a chattel that have, by reason of incorporation or affixation, become permanently attached to the real property. ... Waste is a term used in the law of real property to describe a cause of action that can be brought in court to address a change in condition of real property brought about by a current tenant that damages or destroys the value of that property. ... A partition is a term used in the law of real property to describe the court-ordered division of a concurrent estate into separate portions representing the proportionate interests of the tenants. ... Riparian water rights (or simply riparian rights) is a system of allocating water among those who possess land about its source. ... Lateral and subjacent support, in the law of property, describes the right a landowner has to have that land physically supported in its natural state by both adjoining land and underground structures. ... An assignment is a term used with similar meanings in the law of contracts and in the law of real estate. ... Nemo dat quod non habet, literally meaning no one [can] give what they dont have is a legal rule, sometimes called the nemo dat rule that states that the purchase of a possession from someone who has no ownership right to it also denies the purchaser any ownership title. ... A contract is any promise or set of promises made by one party to another for the breach of which the law provides a remedy. ... In the common law, a tort is a civil wrong for which the law provides a remedy. ... In the common law, a will or testament is a document by which a person (the testator) regulates the rights of others over his property or family after death. ... The law of trusts and estates is generally considered the body of law which governs the management of personal affairs and the disposition of property of an individual in anticipation and the event of such persons incapacity or death, also known as the law of successions in civil law. ... The term criminal law, sometimes called penal law, refers to any of various bodies of rules in different jurisdictions whose common characteristic is the potential for unique and often severe impositions as punishment for failure to comply. ... The law of evidence governs the use of testimony (e. ... This article or section does not cite any references or sources. ... This article concerns the common-law legal system, as contrasted with the civil law legal system; for other meanings of the term, within the field of law, see common law (disambiguation). ... This article does not cite any references or sources. ... Real estate is a legal term that encompasses land along with anything permanently affixed to the land, such as buildings. ... For other uses of civil law, see civil law. ... In all the civil law systems, immovable property is the equivalent of real property in common law systems, i. ...


Personal property may be classified in a variety of ways, such as negotiable instruments, securities, goods, and intangible assets including chose in action. A negotiable instrument is a specialised type of contract for the payment of money which is unconditional and capable of transfer by negotiation. ... For security (collateral), the legal right given to a creditor by a borrower, see security interest A security is a fungible, negotiable instrument representing financial value. ... Good (accounting) - Wikipedia /**/ @import /skins-1. ... Intangible assets are defined as assets that are not physical in nature. ... Chose (French for thing), a term used in English law inghjgjgjgg202. ...


Accountants also distinguish personal property from real property because personal property can be depreciated faster than improvements (while land is not depreciable at all). It is an owner's right to get tax benefits for chattel, and there are businesses that specialize in appraising personal property, or chattel.


The distinction between these types of property is significant for a variety of reasons. Usually one's rights on movables are more attenuated than one's rights on immovables (or real property). The statutes of limitations or prescriptive periods are usually shorter when dealing with personal or movable property. Real property rights are usually enforceable for a much longer period of time and in most jurisdictions real estate and immovables are registered in government-sanctioned land registers. In some jurisdictions, rights (such as a lien or other security interest) can be registered against personal or movable property. A statute of limitations is a statute in a common law legal system that sets forth the maximum period of time, after certain events, that legal proceedings based on those events may be initiated. ... In law, lien is the broadest term for any sort of charge or encumbrance against an item of property that secures the payment of a debt or performance of some other obligation. ...


In the common law it is possible to place a mortgage upon real property. Such mortgage requires payment or the owner of the mortgage can seek foreclosure. Personal property can often be secured with similar kind of device, variously called a chattel mortgage, trust receipt, or security interest. In the United States, Article 9 of the Uniform Commercial Code governs the creation and enforcement of security interests in most (but not all) types of personal property. This article is about the legal mechanism used to secure property in favor of a creditor. ... Foreclosure is the equitable proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) due to the owners failure to comply with an agreement between the lender and borrower called a mortgage or deed of trust. ... A chattel mortgage is a mortgage where a loan is granted against the value of movable personal property, as opposed to real estate. ... A security interest is a property interest created by agreement or by operation of law over assets to secure the performance of an obligation (usually but not always the payment of a debt) which gives the beneficiary of the security interest certain preferential rights in relation to the assets. ... The Uniform Commercial Code (UCC or the Code) is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in 49 states (all except Louisiana) within the United States of America. ...


There is no similar institution to the mortgage in the civil law, however a hypothec is a device to secure real rights against property. These real rights follow the property along with the ownership. In the common law a lien also remains on the property and it is not extinguished by alienation of the property; liens may be real or equitable. Hypothec (Lat. ... The Court of Chancery, London, early 19th century This article is about the concept of equity in the jurisprudence of common law countries. ...


Many jurisdictions levy a personal property tax, an annual tax on the privilege of owning or possessing personal property within the boundaries of the jurisdiction. Automobile and boat registration fees are a subset of this tax. Most household goods are exempt as long as they are kept or used within the household; the tax usually becomes a problem when the taxing authority discovers that expensive personal property like art is being regularly stored outside of the household. Property tax, millage tax is an ad valorem tax that an owner of real estate or other property pays on the value of the property being taxed. ...


See also


  Results from FactBites:
 
Personal property - Wikipedia, the free encyclopedia (830 words)
Personal property may be classified in a variety of ways, such as goods, money, negotiable instruments, securities, and intangible assets including choses in action.
In the common law a lien also remains on the property and it is not extinguished by alienation of the property; liens may be real or equitable.
As soon as a person picks a toothbrush from the "common stockpile", that brush becomes his personal property until it is worn out and he throws it away.
Encyclopedia: Personal property (2927 words)
Property law is the law that governs the various forms of ownership in real property (land as distinct from personal or movable possessions) and in personal property, within the common law legal system.
In the common law of property, personal belongings that have left the possession of their rightful owners without having directly entered the possession of another person are deemed to be lost, mislaid, or abandoned, depending on the circumstances under which they were found by the next party to come into...
Personal property refers to goods that, by their nature, are meant to be used by only one person (for example a sandwich, or a toothbrush).
  More results at FactBites »

 
 

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