Property lawLesson 4 of 4 in the course Concepts of property

Personal Property: Classification, Security, Taxation, and Theoretical Uses

5 flashcards · 5 quiz questions · 5 match pairs · 5 fill-in sentences · English

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Summary

Personal property is a broad category of property that can be distinguished from land and buildings. This lesson introduces the meaning of personal property, its relationship to real property, and the distinction between tangible and intangible personal property.

Personal property is property that is movable. In common-law systems, it may be called chattels or personalty. In civil-law systems, the common terms are movable property or movables: property that can be moved from one location to another.

All flashcards

What is personal property?
Movable property, distinguished from land and other property treated as immovable; also called chattels or personalty in common law.
How do tangible and intangible personal property differ?
Tangible personal property can generally be physically handled; intangible personal property represents value or rights without physical substance.
Why might a vehicle have a title document when household goods do not?
Vehicles may use formal title documents to record ownership and transfer rights; ordinary household possessions often are not titled.
How can personal property secure a debt?
A creditor may take a security interest in personal property through mechanisms such as a chattel mortgage.
How do Marxist and anarchist theories distinguish personal property from private property?
In the theoretical distinction described, personal property means personal-use possessions, while private property means capital or means of production.

Quiz questions

  1. In the United States, what does Article 9 of the Uniform Commercial Code govern?Answer: Creation and enforcement of security interests in most types of personal property
  2. In some jurisdictions, what may an annual personal property tax apply to?Answer: The privilege of owning or possessing personal property within the jurisdiction
  3. In the theoretical distinction presented, what does private property mean in Marxist and anarchist thought?Answer: Capital or resources used to generate wealth or organize production
  4. How may a lien affect personal property after it is transferred?Answer: It may remain attached to the property after the transfer
  5. Compared with claims concerning personal property, how are limitation periods for real-property rights generally described?Answer: They are often longer, though the rules depend on the jurisdiction

Based on the Wikipedia article Personal property, licensed CC BY-SA 4.0. Adapted into a summary, flashcards and quizzes.

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