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12 Cards in this Set

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The Nature of Personal Property

All property that is not real property is personal property (or personalty or chattel). Title to personal property is transferred by a bill of sale. Real Property is transferred by a deed.

Types of Personal Property

Chattel


Trade Fixtures


Fructus Industriales (emblements)

2 types of Chattel

Chattel Personal

Chattel Real



Chattel Personal

(such as) cars, boats, furniture or livestock

Chattel Real

interest in personal property other than ownership (such as leases).

Chattel Mortgage

a mortgage secured by personal property, sch as a lien on an automobile or item of farm equipment.

Trade Fixtures

articles of personal property that are necessary parts of a tenant's trade or business.




must be removed before the expiration of the lease, or within an agreed upon reasonable time, and the tenant is responsible for any damage caused by removal.

Replacement fixtures

NOT classified as Trade Fixtures. Replacement fixtures are improvements that are installed by a tenant to replace worn-out ones that were already in place before the start of the lease term.

Real Property Fixtures

articles that were once personal property but have been affixed to real estate so as to become real property.

Severance

the act of removing something attached to land. (Ex. farm fence-which is real property, becomes personal property [rolls of wire and post] when it is taken down [when it is severed from the land])

Lien

A claim against the property of another as security for a debt or charge.

Tenant

An individual in legal possession of another's property.