Personal property, roughly speaking, is private property Private property is the tangible and intangible things owned by individuals or firms over which their owners have exclusive and absolute legal rights, and can only be transferred with the owner's consent. Private property can take the form of real estate, homes, factories, automobiles, capital, patents and copyrights. It is distinguished from that is moveable[1], as opposed to real property Real property and personal property are the main classifications of property in the common law. Real property refers to land and the improvements made by human efforts—buildings, machinery, the acquisition of various property rights, and the like. Real property is also termed realty, real estate, and immovable property or real estate Real estate is a legal term that encompasses land along with improvements to the land, such as buildings,fences, wells and other site improvements that are fixed in location -- immovable. Real estate law is the body of regulations and legal codes which pertain to such matters under a particular jurisdiction and include things such as commercial. In the common law Common law is law developed by judges through decisions of courts and similar tribunals , rather than through legislative statutes or executive branch action. A "common law system" is a legal system that gives great precedential weight to common law, on the principle that it is unfair to treat similar facts differently on different systems personal property may also be called chattels or personalty. In the civil law Civil law is a legal system inspired by Roman law, the primary feature of which is that laws are written into a collection, codified, and not determined, as in common law, by judges. Conceptually, it is the group of legal ideas and systems ultimately derived from the Code of Justinian, but heavily overlaid by Germanic, ecclesiastical, feudal, and 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 Immovable property is an immovable object, an item of property that cannot be moved. In the United States it is also commercially and legally known as real estate and in Britain as property. It is known by other terms in other countries of the world or immovables, such as land and buildings. Movable property on land, that which was not automatically sold with the land, included many kinds of livestock Livestock refers to one or more domesticated animals raised in an agricultural setting to produce commodities such as food or fiber, or labor. The term "livestock" as used in this article does not include poultry or farmed fish; however the inclusion of these, especially poultry, within the meaning of "livestock" is common; in fact the word cattle is derived from Middle English chatel, which was once synonymous with general movable personal property.[2]
Personal property may be classified in a variety of ways. Tangible personal property refers to any type of property that can generally be moved (i.e., it is not attached to real property or land), touched or felt. These generally include items such as furniture, clothing, jewelry, art, writings, or household goods. In some cases, there can be formal title documents that show the ownership and transfer rights of that property after a person's death (for example, motor vehicles, boats, etc.) In many cases, however, tangible personal property will not be "titled" in an owner's name and is presumed to be whatever property he or she was in possession of at the time of his or her death.
Intangible personal property or "intangibles" refers to personal property that cannot actually be moved, touched or felt, but instead represents something of value such as negotiable instruments A negotiable instrument is a specialized type of "contract" for the payment of money that is unconditional and capable of transfer by negotiation. As payment of money is promised later, the instrument itself can be used by the holder in due course frequently as money. Common examples include cheques, banknotes , and commercial paper. In, securities A security is a fungible, negotiable instrument representing financial value. Securities are broadly categorized into debt securities and equity securities, e.g., common stocks; and derivative contracts, such as forwards, futures, options and swaps. The company or other entity issuing the security is called the issuer. A country's regulatory, goods In macroeconomics and accounting, a good is contrasted with a service. In this sense, a good is defined as a physical product, capable of being delivered to a purchaser and involves the transfer of ownership from seller to customer, say an apple, as opposed to an (intangible) service, say a haircut. A more general term that preserves the, and intangible assets Intangible assets are defined as identifiable non-monetary assets that cannot be seen, touched or physically measured, which are created through time and/or effort and that are identifiable as a separate asset. There are two primary forms of intangibles - legal intangibles (such as trade secrets , copyrights, patents, trademarks, and goodwill) and including chose in action Chose , a term used in the common law tradition in different senses. Chose local is a thing annexed to a place, as a mill. A chose transitory is that which is movable, and can be carried from place to place. But the use of the word "chose" in these senses is practically obsolete, and it is now used only in the phrases chose in action and.
Accountants also distinguish personal property from real property because personal property can be depreciated Depreciation is a term used in accounting, economics and finance to spread the cost of an asset over the span of several years 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 A statute of limitations is a statute in a common law legal system that sets forth the maximum time after an event, that legal proceedings based on that event may be initiated. In civil law systems, similar provisions are usually part of the civil code or criminal code and are often known collectively as "periods of prescription" or & or prescriptive periods 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 civil law systems, similar provisions are usually part of the civil code or criminal code and are often known collectively as "periods of 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 In law, a lien is a form of security interest granted over an item of property to secure the payment of a debt or performance of some other obligation. The owner of the property, who grants the lien, is referred to as the lienor and the person who has the benefit of the lien is referred to as the lienee or other security interest) can be registered against personal or movable property.
In the common law it is possible to place a mortgage A mortgage is the transfer of an interest in property to a lender as a security for a debt - usually a loan of money. While a mortgage in itself is not a debt, it is the lender's security for a debt. It is a transfer of an interest in land (or the equivalent) from the owner to the mortgage lender, on the condition that this interest will be upon real property. Such mortgage requires payment or the owner of the mortgage can seek foreclosure Foreclosure is the legal and professional proceeding in which a mortgagee, or other lien holder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower. Personal property can often be secured with similar kind of device, variously called a chattel mortgage Chattel mortgage is the legal term for a type of loan contract used in some states which have adopted the English law concept, trust receipt, or security interest 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 the payment of a debt. It gives the beneficiary of the security interest certain preferential rights in the disposition of secured assets. Such rights vary according to the type of security interest,. In the United States, Article 9 of the Uniform Commercial Code The Uniform Commercial Code , first published in 1952, 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 all 50 states within the United States of America. This objective is deemed important because of the prevalence of commercial governs the creation and enforcement of security interests in most (but not all) types of personal property.
There is no similar institution to the mortgage in the civil law, however a hypothec Hypothec , in Roman law, the most advanced form of the contract of pledge; in modern civil law (legal system), an instrument akin to the common law mortgage 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 Equity is the name given to the set of legal principles, in jurisdictions following the English common law tradition, which supplement strict rules of law where their application would operate harshly. In civil legal systems, broad "general clause" allow judges to have similar leeway in applying the code.
Many jurisdictions levy a personal property tax Property tax, or millage tax, is an ad valorem tax that an owner is required to pay on the value of the property being taxed. Property tax can be defined as "generally, tax imposed by municipalities upon owners of property within their jurisdiction based on the value of such property." There are three species or types of property: Land,, 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.
The distinction between tangible and intangible personal property is also significant in some of the jurisdictions which impose sales taxes. In Canada, for example, provincial and federal sales taxes were imposed primarily on sales of tangible personal property whereas sales of intangibles tended to be exempt. The move to value added taxes, under which almost all transactions are taxable, has diminished the significance of the distinction.
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Personal versus private property
In political/economic theory, notably anarchism Anarchism is a political philosophy encompassing theories and attitudes which consider the state to be unnecessary, harmful, or otherwise undesirable, and favor instead a stateless society or anarchy. Individual anarchists may have additional criteria for what they conceive to be anarchism, and there is often broad disagreement concerning these, communism Communism is a social structure in which classes are abolished and property is commonly controlled, as well as an ideology and social movement that advocates and aims to create such a society. Karl Marx, the father of communist thought, posited that communism would be the final stage in society, which would be achieved through a proletarian and some socialist Socialism refers to the various theories of economic organization advocating public or direct worker ownership and administration of the means of production and allocation of resources, and a society characterized by equal access to resources for all individuals with a method of compensation based on the amount of labor expended philosophies, the distinction between private and personal property is extremely important. They are separated by a blurry boundary, which items of property constitute which is open to debate.
- Personal property is part of your person and includes property from which you have the right to exclude others (e.g. TVs, cars, clothes etc.)[3]
- Private property Private property is the tangible and intangible things owned by individuals or firms over which their owners have exclusive and absolute legal rights, and can only be transferred with the owner's consent. Private property can take the form of real estate, homes, factories, automobiles, capital, patents and copyrights. It is distinguished from is a social relationship In social science, a social relation or social interaction refers to a relationship between two , three (i.e. a triad) or more individuals (e.g. a social group). Social relations, derived from individual agency, form the basis of the social structure. To this extent social relations are always the basic object of analysis for social scientists, not a relationship between person and thing according to Marx Karl Heinrich Marx was a German philosopher, political economist, historian, political theorist, sociologist, communist, and revolutionary, whose ideas are credited as the foundation of modern communism. Marx summarized his approach in the first line of chapter one of The Communist Manifesto, published in 1848: "The history of all hitherto (e.g. factories, mines, dams, infrastructure etc.) In capitalism Capitalism is an economic and social system in which capital, the non-labor factors of production , is privately owned;[citation needed] labor, goods and capital are traded in markets; and profits distributed to owners or invested in technologies and industries there is no distinction between personal and private property.[4]
- To many socialists, the term private property Private property is the tangible and intangible things owned by individuals or firms over which their owners have exclusive and absolute legal rights, and can only be transferred with the owner's consent. Private property can take the form of real estate, homes, factories, automobiles, capital, patents and copyrights. It is distinguished from refers to capital or the means of production, while personal property refers to consumer and non-capital goods and services.
See also
- Chattel house Chattel House is Barbadian slang for a small wooden house that working class people would occupy. The term goes back to the plantation days when the home owners would buy houses designed to move from one property to another. The word "Chattel" means movable property so the name was appropriate. Chattel houses are set on blocks or a
- Secured transaction Generally, a secured transaction is a loan or a credit transaction in which the lender acquires a security interest in collateral owned by the borrower and is entitled to foreclose on or repossess the collateral in the event of the borrower's default. The terms of the relationship are governed by a contract, or security agreement. A common example
References
http://legal-dictionary.thefreedictionary.com/Personal+property+law
- ^ "Persona l property". Sir Robert Harry Inglis Palgrave. Dictionary of political economy, Volume 3. 1908. p. 96
- ^ http://dictionary.reference.com/browse/chattel Origin of chattel, accessed August 15, 2009
- ^ 1848: Manifesto of the Communist Party: Chapter 2
- ^ WS 98 Thinking About Anarchism - Property is Theft
External links
Categories: Personal property law | Property law Categories: Civil law | Property | Common law
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Q. I was informed that the sales tax on a car does not qualify as personal property tax on line 7 of schedule A. What are some examples of items that can be included in this line item?
Asked by Brian S - Sun Feb 24 15:44:56 2008 - - 2 Answers - 0 Comments
A. ad valorem taxes on personalty, such items as autos and boats
Answered by botygy - Sun Feb 24 15:50:43 2008
