Personal Property Law
What is Personal Property?
Personal Property, also called “movable property,” “personalty,” “movables,” or “chattels,” include virtually any form of property other than real estate. The distinguishing characteristic between real and personal property is that, in most instances, the personal property is transportable, such as vehicles, furniture, electronics, boats, cars, collectibles, etc.
Classifications of Personal Property
There are a number of different types of personal property. For example, tangible personal property refers generally to any object that can be moved, touched, or felt. “Moved” in this context means that it has not been integrated into a building or land, becoming a fixture and a piece of the real property. Some forms of tangible personal property will include titles demonstrating ownership, like cars and boats, but most do not.
Intangible personal property (or "intangibles") are, as the name implies, things that cannot actually be moved, touched, or felt, but instead represents something of value. A few examples include negotiable instruments, securities, and other types of investments.
Personal Versus Private Property
Another important distinction is the difference between personal and private property. Private property is less a legal distinction and more a social one. If something is intended only for the use of a single individual or small group of individuals, one might refer to it as “private property.” However, despite the similar sounding name, personal property is not necessarily private. Personal property, legally speaking, only differentiates a piece of property as being something that is movable versus the fixed nature of real property.
For more information about Personal Property, please visit the resources listed below. Additionally, should you require assistance with a legal matter pertaining to personal property, you can find an attorney in your area by visiting our Law Firms page.
Personal Property Law - US
- ABA - Real Property, Trust and Estate Law Section
The Real Property, Trust and Estate Law Section is a leading national forum for lawyers, and currently has over 30,000 members. The Real Property Division focuses on legal aspects of property use, ownership, development, transfer, regulation, financing, taxation and disposal. The Trust and Estate Division focuses on all aspects of trusts, estate planning, employee benefits, insurance, and probate and trust litigation.
- Asset Forfeiture Program - Department of Justice
The primary mission of the Department of Justice Asset Forfeiture Program is to employ asset forfeiture powers in a manner that enhances public safety and security. This is accomplished by removing the proceeds of crime and other assets relied upon by criminals and their associates to perpetuate their criminal activity against our society. Asset forfeiture has the power to disrupt or dismantle criminal organizations that would continue to function if we only convicted and incarcerated specific individuals.
- Hybrid Law
Hybrid Law tracks laws concerning ownership of hybrid cats and dogs in the United States, and where possible other countries. Legislation is listed by state and may include county and city. Laws, statutes, ordinances and regulations from all levels of government affect the ownership of exotic and hybrid animals. It is strongly recommended that county and city laws, and homeowners’ association rules be researched prior to buying or selling any hybrid animal.
- Personal Property - Definition
All property other than land and buildings attached to land. Cars, bank accounts, wages, securities, a small business, furniture, insurance policies, jewelry, patents, pets, and season baseball tickets are all examples of personal property. Personal property may also be called personal effects, movable property, goods and chattel, and personalty.
- Saving Anitiques Organization
Welcome to savingantiquities.org The SAFE online resource that highlights issues related to the vulnerability of our shared cultural heritage to looting and the illicit antiquities trade.
- Uniform Commercial Code (UCC)
The Uniform Commercial Code is a comprehensive set of laws governing commercial transactions between U.S. states and territories. These transactions include borrowing money, leases, contracts, and the sale of goods. The UCC is not a federal law, but a product of the National Conference of Commissioners on Uniform State Laws and the American Law Institute, private organizations that recommend the adopting of the UCC by state governments. State legislatures may either adopt the UCC verbatim or may modify to meet the state's needs. Once a state's legislature adopts and enacts the UCC it becomes a state law and is codified in the state's statutes. All 50 states and territories have enacted some version of the UCC.
- United States Patent and Trademark Office (USPTO)
The United States Patent and Trademark Office (USPTO) is the Federal agency for granting U.S. patents and registering trademarks. In doing this, the USPTO fulfills the mandate of Article I, Section 8, Clause 8, of the Constitution that the Executive branch "promote the progress of science and the useful arts by securing for limited times to inventors the exclusive right to their respective discoveries." The USPTO registers trademarks based on the Commerce Clause of the Constitution (Article 1, Section 8, Clause 3). Under this system of protection, American industry has flourished. New products have been invented, new uses for old ones discovered, and employment opportunities created for millions of Americans. The strength and vitality of the U.S. economy depends directly on effective mechanisms that protect new ideas and investments in innovation and creativity. The continued demand for patents and trademarks underscores the ingenuity of American inventors and entrepreneurs. The USPTO is at the cutting edge of the Nation's technological progress and achievement
Organizations Related to Personal Property Law
- Forfeiture Endangers American Rights Foundation
Forfeiture Endangers American Rights is a national nonprofit organization dedicated to reform of federal and state asset forfeiture laws to restore due process and protect property rights in the forfeiture process.
Articles on HG.org Related to Personal Property Law
- Paying Attention to Details in Your Estate Plan and Importance of an Estate Planning LawyerThe estate plan is crucial to ensure either retirement is comfortable, or that heirs are taken care of after the estate owner has passed on, and the details are essential to providing for these eventualities. The estate planning lawyer is the main point of contact for documentation and implementation of the plan and keeping the steps followed after the person is no longer alive.
- Funding Revocable Trusts: Why It's ImportantFunding a revocable trust is an important aspect of creating the trust and it being valid in the future. If the grantor fails to complete this necessary step, there may be lasting consequences.
- Importance of Funding Your Trust and What Can Happen if You Fail to Do SoFunding a revocable trust is an important aspect of creating the trust and it being valid in the future. If the grantor fails to complete this necessary step, there may be lasting consequences.
- Your Special Needs Child and Estate PlanningWhen there are children with special needs that may inherit or are dependent on the estate owner, certain provisions are necessary in the estate plan. This could include healthcare, long-term care, planning for the unexpected and hiring an agent to ensure business matters are taken care of while the child adjusts to his or her new role.
- Three Types of Trusts: Differences and SimilaritiesTrusts are created usually to assist heirs with managing or acquiring assets that may bypass probate or other legal concerns such as dependents that attempt to challenge a will. Other benefits of trusts may include evading certain taxes, lawyer expenses and keeping the income within the family or with a beneficiary that has been chosen by the estate owner.
- Dispersing the Assets of a Small EstateSmaller estates usually have less administration complications than their larger counterparts. However, administration considerations should be researched and understood by the owner so that he or she is able to leave enough to beneficiaries or heirs with probate processes known or similar situations mapped out.
- When Irrevocable Trusts can be ModifiedBased on the circumstances, it may be possible to modify irrevocable trusts even though they are generally unchangeable. There are five different times when these trusts may be altered to fit the needs of the creator that owns an estate.
- Matters Affecting Small Estate AdministrationSmall estates usually only deal with a few dependents or surviving family members. This means that there are only so many issue that may rise, and the administration should be simplified when there are fewer persons and complications that may be involved.
- What Life Events Trigger a Need to Change My Estate Plan?An estate plan often consists of a will, durable power of attorney, advance directive and durable power of attorney for health care. However, individuals may add or subtract from these documents as they prefer. Many individuals may need to change this estate plan as various things change in their lives. They may be hesitant to do so because of the expense involved. However, failing to make changes can result in unintended consequences and leave a person vulnerable. Some instances when an estate plan may need to be changed include:
- What Happens if I Need a Guardian?A guardian is a person who is given legal authority over another person because of reason of incapacity. If a court determines that a person is unable to make decisions for himself or herself, it may appoint a guardian. A guardian can be given authority over the person, his or her assets or both. The process involved in appointing a guardian is dependent on state law and the circumstances.
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