Chapter47 - Personal Property and Bailments Property...

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Personal Property and Bailments Property consists of the legally protected rights and interests a person has in anything with an ascertainable value that is subject to ownership . Property would have little value if the law did not define the right to use it, to sell or dispose of it, and to prevent trespassing on it. A bailment is created when property is temporarily delivered into the care of another without a transfer of title. This is the distinguishing characteristic of a bailment compared with a sale or a gift--there is no passage of title and no intent to transfer title. Property Classification Property may be divided into real property and personal property . Real property (sometimes called realty or real estate ) means the land and everything permanently attached to it. When structures are permanently attached to the land, then everything attached permanently to the structures is also realty. Everything else is personal property , or personalty .
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Attorneys sometimes refer to personal property as chattel, a term used under the common law to denote all forms of personal property. Personal property can be tangible or intangible . Tangible personal property, such as a television set, heavy construction equipment, or a car, has physical substance. Intangible personal property represents some set of rights and interests, but it has no real physical existence . Stocks and bonds are intangible personal property. So are patents, trademarks, and copyrights.
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This note was uploaded on 03/31/2008 for the course FIN 3055 taught by Professor Cgiles during the Spring '08 term at Virginia Tech.

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Chapter47 - Personal Property and Bailments Property...

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