HOME

TheInfoList




Personal property is
property Property is a system of rights that gives people legal control of valuable things, and also refers to the valuable things themselves. Depending on the nature of the property, an owner of property may have the right to , alter, , , , , , , , or ...
that is movable. In
common law In law, common law (also known as judicial precedent or judge-made law, or ) is the body of law created by judges and similar quasi-judicial by virtue of being stated in written opinions. ' is the most-used legal dictionary used among legal profe ...
systems, personal property may also be called chattels or personalty. In
civil law Civil law may refer to: * Civil law (common law) Civil law is a major branch of the law.Glanville Williams. ''Learning the Law''. Eleventh Edition. Stevens. 1982. p. 2. In common law legal systems such as England and Wales and the law of the United ...
systems, personal property is often called movable property or movables – any property that can be moved from one location to another. Personal property can be understood in comparison to
real estate Real estate is property consisting of land and the buildings on it, along with its natural resource , Malaysia Malaysia ( ; ) is a country in Southeast Asia. The federation, federal constitutional monarchy consists of States and feder ...

real estate
, immovable property or
real property In England, English common law, real property, real estate, realty, or immovable property is land which is the property of some person and all structures (also called Land improvement, improvements or Fixture (property law), fixtures) integr ...
(such as land and buildings). Movable property on land (larger
livestock Livestock are the domesticated Domestication is a sustained multi-generational relationship in which one group of organisms assumes a significant degree of influence over the reproduction and care of another group to secure a more predictabl ...
, for example) was not automatically sold with the land, it was "personal" to the owner and moved with the owner. The word ''cattle'' is the Old
Norman Norman or Normans may refer to: Ethnic and cultural identity * The Normans The Normans (Norman language, Norman: ''Normaunds''; french: Normands; la, Nortmanni/Normanni) were inhabitants of the early medieval Duchy of Normandy, descended from ...
variant of
Old French Old French (, , ; Modern French French ( or ) is a Romance language of the Indo-European family. It descended from the Vulgar Latin of the Roman Empire, as did all Romance languages. French evolved from Gallo-Romance, the Latin spok ...
''chatel'', chattel (derived from Latin ''capitalis'', “of the head”), which was once synonymous with general movable personal property.


Classifications

Personal property may be classified in a variety of ways.


Intangible

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 instrument A negotiable instrument is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time, whose payer is usually named on the document. More specifically, it is a document contemplated by or consisting of a c ...
s,
securities A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any for ...
,
service (economics) A service is a transaction in which no physical goods In economics Economics () is the social science that studies how people interact with value; in particular, the Production (economics), production, distribution (economics), dist ...
, and
intangible asset An intangible asset is an asset In financial accountancy, financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive econom ...
s including
chose in action Chose (pronounced: , French for "thing") is a term used in common law In law, common law (also known as judicial precedent or judge-made law, or case law) is the body of law created by judges and similar quasi-judicial tribunals by virtue of being ...
.


Tangible

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, etcetera) 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.


Other distinctions

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 A statute of limitations, known in Civil law (legal system), civil law systems as a prescriptive period, is a law passed by a legislative body to set the maximum time after an event within which legal proceedings may be initiated. When the time whi ...
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 A lien ( or ) is a form of security interest In finance Finance is the study of financial institutions, financial markets and how they operate within the financial system. It is concerned with the creation and management of money and inv ...

lien
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 loan or simply mortgage () is a loan In finance, a loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations etc. The recipient (i.e., the borrower) incurs a ...
upon real property. Such mortgage requires payment or the owner of the mortgage can seek
foreclosure Foreclosure is a legal process in which a lender A creditor or lender is a party (e.g., person, organization, company, or government) that has a claim on the services of a second party. It is a person or institution to whom money is owed. ...
. Personal property can often be secured with similar kind of device, variously called a
chattel mortgage Chattel mortgage, sometimes abbreviated ''CM'', is the legal term for a type of loan contract used in some states with legal systems derived from English law English law is the common law List of national legal systems, legal system of England ...
, trust receipt, or
security interest In finance Finance is a term for the management, creation, and study of money In a 1786 James Gillray caricature, the plentiful money bags handed to King George III are contrasted with the beggar whose legs and arms were amputated, in ...
. In the United States, Article 9 of the
Uniform Commercial Code The Uniform Commercial Code (UCC), first published in 1952, is one of a number of s that have been established as law with the goal of harmonizing the laws of sales and other commercial transactions across the United States through by all 50 , th ...

Uniform Commercial Code
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 (; 16th century, from Fr. ''hypothèque'', from Lat. ''hypotheca'', from Gk. : hypothēkē), sometimes tacit hypothec, is a term used in mixed legal systems (e.g. Scots law, South African law, Ukrainian law ( uk, Іпотека)) to refer ...
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. Many jurisdictions levy a personal
property tax A property tax or millage rate is an ad valorem tax An ''ad valorem'' tax (Latin language, Latin for "according to value") is a tax whose amount is based on the value of a transaction or of property. It is typically imposed at the time of a ...
, 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.


Personal versus private property

In political/economic theory, notably
socialist Socialism is a political Politics (from , ) is the set of activities that are associated with Decision-making, making decisions in Social group, groups, or other forms of Power (social and political), power relations between individuals, s ...

socialist
,
Marxist Marxism is a method of socioeconomic Socioeconomics (also known as social economics) is the social science that studies how economic activity affects and is shaped by social processes. In general it analyzes how modern societies progress, ...
, and most
anarchist Anarchism is a political philosophy Political philosophy is the philosophical study of government, addressing questions about the nature, scope, and legitimacy of public agents and institutions and the relationships between them. Its top ...

anarchist
philosophies, the distinction between private and personal property is extremely important. Which items of property constitute which is open to debate. In some economic systems, such as
capitalism Capitalism is an economic system An economic system, or economic order, is a system A system is a group of interacting Interaction is a kind of action that occurs as two or more objects have an effect upon one another. The idea o ...

capitalism
, private and personal property are considered to be exactly equivalent. * Personal property or possessions includes "items intended for personal use" (e.g., one's
toothbrush A toothbrush is an oral hygiene Oral hygiene is the practice of keeping one's mouth clean and free of disease A disease is a particular abnormal condition that negatively affects the structure A structure is an arrangement and organ ...

toothbrush
, clothes, and vehicles, and sometimes rarely money). It must be gained in a socially fair manner, and the owner has a distributive right to exclude others. *
Private property Private property is a legal designation for the ownership of property by non-governmental legal entities. Private property is distinguishable from public property Public property is property Property (''latin: Res Privata'') in the Abstract ...
is a
social relation In social science, a social relation or social interaction is any relationship between two or more individuals. Social relations derived from agency (sociology), individual agency form the basis of social structure and the basic object for analys ...
ship between the owner and persons deprived, i.e. not a relationship between person and thing. Private property may include artifacts, factories, mines, dams, infrastructure, natural vegetation, mountains, deserts and seas—these generate capital for the owner without the owner having to perform any labour. Conversely, those who perform labour using somebody else's private property are deprived of the value of their work, and are instead given a salary that is disjointed from the value generated by the worker. * In Marxist theory, the term
private property Private property is a legal designation for the ownership of property by non-governmental legal entities. Private property is distinguishable from public property Public property is property Property (''latin: Res Privata'') in the Abstract ...
typically refers to capital or the means of production, while personal property refers to consumer and non-capital goods and services.


See also

* Chattel house * Communal property * Jus relictae *
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 defaul ...
*
State property State ownership, also called government ownership and public ownership, is the ownership of an industry, asset In financial accountancy, financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It ...
*
Trespass to chattels Trespass to chattels is a tort A tort, in common law In law, common law (also known as judicial precedent or judge-made law, or case law) is the body of law created by judges and similar quasi-judicial tribunals by virtue of being stated i ...


References


External links


Australia Personal Property Securities Act 2009

Personal Property Securities Register Australia

United States Tax Convention with the Kingdom of Morocco 1977
* {{Authority control Property law