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| Property law |
|---|
| Part of the common law series |
| Acquisition of property |
| Gift · Adverse possession · Deed |
| Lost, mislaid, or abandoned |
| Treasure trove |
| 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 · Strata 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. Property law is the area of Law that governs the various forms of Ownership in Real property (land as distinct from personal or movable possessions Common law refers to law and the corresponding legal system developed through decisions of courts and similar tribunals rather than through legislative statutes or executive A gift, in the Law of Property, has a very specific meaning In order for a Gift to be legally effective the grantor must have intended to give the gift In Common law, adverse possession is the process by which title to another's Real property is acquired without compensation, by as the name A deed is a Legal instrument used to grant a Right. Deeds are part of the broader category of documents under seal. 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 A treasure trove may broadly be defined as an amount of gold silver gemstones money jewellery or any valuable collection found hidden underground or in places such as cellars 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 in Common law where physical possession of personal Property ( Chattels) is transferred from one person (the The verb license or grant license means to give permission The noun license is the document demonstrating that permission An estate is the Net worth of a person at any point in time It is the sum of a person's Assets - legal rights interests and entitlements to Property of Allodial title is a concept in some systems of property law It describes a situation where Real property ( Land, Buildings and Fixtures) is owned Fee simple is an estate in land in Common law. It is the most common way Real estate is owned in common law countries and is ordinarily the most Fee tail or entail is an obsolete term of art in Common law. It describes an estate of Inheritance in Real property which cannot A life estate is a concept used in Common law and Statutory law to designate the ownership of land for the duration of a person's life A defeasible estate is created when a grantor transfers land conditionally In Property law and Real estate, a future interest is a legal right to property ownership that does not include the right to present possession or enjoyment of A concurrent estate or co-tenancy is a concept in Property law, particularly derived from the Common law of Real property, which describes A condominium, or condo, is a form of Housing tenure and other Real property where a specified part of a piece of real estate (usually of an apartment In law conveyancing is the transfer of title of Property from one person to another or the granting of an Encumbrance such as a Mortgage or A bona fide purchaser ( BFP) referred to more completely as a bona fide purchaser for value without notice is a term used in the Law of Real property Torrens title is a system of land title where a register of land holdings maintained by the state guarantees an indefeasible title to those included in the register Strata title is a form of ownership devised for multi-level apartment blocks. Estoppel by Deed - A doctrine where rules of evidence prevent a litigant from denying the truth of what was said or done A quitclaim deed is a term used to describe a document by which a person (the "grantor" disclaims any interest the Grantor may have in a piece of Real property A mortgage is the pledging of a property to a Lender as a security for a Mortgage loan. 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 An action to quiet title is a Lawsuit brought in a Court having Jurisdiction over land disputes in order to establish a party's title to Real property In Property law and Real estate, a future interest is a legal right to property ownership that does not include the right to present possession or enjoyment of 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 The rule against perpetuities is a rule of law in effect under the property, Trusts, Estate, and Contract law of many Common law The Rule in Shelley's Case is a rule of law that may apply to certain Future interests in Real property and Trusts created in Common law jurisdictions In the Common law of England, the doctrine of worthier title was a legal doctrine that preferred taking title to Real estate by descent 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 For railroad track easement see Track transition curve. An easement is the right or freedom to do something or the right to prevent Profit, but an entirely different meaning of the term analogous to an Easement. 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 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 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 A partition is a term used in the Law of Real property to describe an act by a Court order or otherwise to divide up a Concurrent estate into 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 An assignment (Latin cessio) 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 give what one does not have" is a legal rule sometimes called the nemo dat rule that states that the purchase of A contract is an exchange of promises between two or more parties to do or refrain from doing an act which is enforceable in a court of law Tort law is the name given to a body of law that creates and provides remedies for civil wrongs that do not arise out of Contractual duties In Common law, a will or testament is a document by which a person (the Testator) regulates the rights of others over his or her Property 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 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 The Law of evidence governs the use of Testimony (eg oral or written statements such as an Affidavit) and exhibits (e Property is any physical or virtual entity that is owned by an individual In the common law systems personal property may also be called chattels or personalty. Common law refers to law and the corresponding legal system developed through decisions of courts and similar tribunals rather than through legislative statutes or executive It is distinguished from real property, or real estate. In the Common law, real property (or realty) refers to one of the two main classes of Property, the other class being Personal property ( Real estate is a legal term (in some jurisdictions notably in the USA, United Kingdom 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. Civil law or Romano-Germanic law or Continental law is the predominant system of law in the world. This term is in distinction with immovable property or immovables, such as land and buildings. In the Common law, real property (or realty) refers to one of the two main classes of Property, the other class being Personal property (
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 be actually "moved" touched or felt, but instead represents something of value such as negotiable instruments, securities, goods, and intangible assets including chose in action. A negotiable instrument is a specialized type of " Contract " for the payment of money that is unconditional and capable of transfer by negotiation A security is a Fungible, Negotiable instrument representing financial value 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 Chose (pronounced "shows" French for "thing" a term used in the Common law tradition in different senses
Accountants also distinguish personal property from real property because personal property can be depreciated faster than improvements (while land is not depreciable at all). Depreciation is a term used in Accounting, Economics and Finance to spread the cost of an Asset over the span of several years 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. 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 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. 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
In the common law it is possible to place a mortgage upon real property. A mortgage is the pledging of a property to a Lender as a security for a Mortgage loan. Such mortgage requires payment or the owner of the mortgage can seek foreclosure. Foreclosure is the legal proceeding in which a mortgagee, or other Lienholder, usually a lender obtains a court ordered termination of a mortgagor Personal property can often be secured with similar kind of device, variously called a chattel mortgage, trust receipt, or security interest. Chattel mortgage (sometimes abbreviated to CM) is the legal term for a type of loan contract used in some states which have adopted the English law concept 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 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. 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
There is no similar institution to the mortgage in the civil law, however a hypothec is a device to secure real rights against property. See also Hypothecation. Hypothec ( Lat hypotheca, Gr: hypothéke) in Roman law, the most advanced 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
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. Property tax, or millage tax, is an Ad valorem tax that an owner pays on the value of the property being taxed 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.
Personal vs Private property
In political/economic theory, notably anarchism and communism, the distinction between private and personal property is extremely important. Anarchism is a Political philosophy encompassing theories and attitudes which support the elimination of all compulsory Government, i Communism is a Socioeconomic structure that promotes the establishment of an egalitarian, classless, stateless Society based 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). [1]
- Private property is a social relationship, not a relationship between person and thing according to Marx (e. Property is any physical or virtual entity that is owned by an individual Social relation can refer to a multitude of Social interactions regulated by Social norms between two or more people with each having a Social position g factories, mines, dams, infrastructure etc). In capitalism there is no distinction between personal and private property. Capitalism is the Economic system in which the Means of production are owned by private Persons and operated for Profit and where [2]
See also
References
- ^ 1848: Manifesto of the Communist Party: Chapter 2
- ^ WS 98 Thinking About Anarchism - Property is Theft
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