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Chapter 48 personal property

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Chapter 48 Personal Property Property • There are two kinds of property: real property and personal property. • Real Property (realty or real estate): includes land and property that is permanently attached to it. • Personal Property (chattel): property that is not attached to the land. Personal Property • Personal and real property can be either tangible or intangible. • Tangible Property: includes physically defined property. • Intangible Property: represents rights that cannot be reduced to physical form. Property Ownership • The legal term for property ownership rights is title. Title is thought of as a bundle of rights related to the property. • Fee Simple: absolute ownership entitling the property owner to possess, use, or dispose of the property as the owner chooses. Property Ownership: Concurrent Ownership • Tenancy in Common: co-ownership of property in which each party owns an undivided interest in the whole property. • • • • • • Devise: ________________________________ Transfer: _______________________________ Ownership Interest: _______________________ Creditor’s Claims: _________________________ Partition: ________________________________ Wording: ________________________________ Property Ownership: Concurrent Ownership • Joint Tenancy With Right of Survivorship: when one of the joint tenants dies, his/her interest passes equally to the surviving joint tenant(s). • • • • • • Devise: ______________________ ...
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