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12 Cards in this Set
- Front
- Back
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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. |
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Types of Personal Property |
Chattel Trade Fixtures Fructus Industriales (emblements) |
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2 types of Chattel |
Chattel Personal
Chattel Real |
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Chattel Personal |
(such as) cars, boats, furniture or livestock |
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Chattel Real |
interest in personal property other than ownership (such as leases).
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Chattel Mortgage |
a mortgage secured by personal property, sch as a lien on an automobile or item of farm equipment. |
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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. |
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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. |
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Real Property Fixtures |
articles that were once personal property but have been affixed to real estate so as to become real property. |
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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]) |
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Lien |
A claim against the property of another as security for a debt or charge. |
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Tenant |
An individual in legal possession of another's property. |
