Personal Property & Bailments
Personal Property and Bailments
Personal Property versus Real Property:
•Real Property Realty, real estate—land and everything permanently attached to it •Personl property chattels, is capable of being moved
•Distinction important both properties are subject to different taxes- tax rate is based on market value of real prop and businesses usually pay taxes on personal prop they own use or lease.. Also the way they are transferred ; personal prop is informal and real prop involves a written sales contract and deed that is recorded with the state •Conversion of real prop to personal property by detaching it from the land and personal prop may be converted to real prop by attaching it to real property
•Fixtures- thing affixed to realty—when it is attached to the realty by roots; embedded in it; or permanently attached by means of cement, plaster bolts, nails, or screws. Fixtures are included in the sale of land if the sales contract does not provide otherwise •The role of intent when courts decide whether item is a fixture they examine th intention of the party who placed the object on the property. Is deemed a fixture if prop attached cannot be removed without causing damage and the propery attached is so adapted to the rest of the realty as to become a part of it. •Trade Fixtures is personal property that is installed for commercial purposes. They remain the property of the tenant unless removal would irreparably damage the building.
Acquiring ownership of personal property
•Possession Sometimes a person can become owner of personal prop by possessing it; i.e catch a wild animal •Production Produce personal property i.e. writers, inventors, manufacturers •Gift voluntary transfer of property ownership
•Donative Intent When gifts are challenged the court looks at language of donor and the surrounding circumstances and relationship of parties. •...