Chapter 47 - Personal Property and Bailments

Chapter 47 - Personal Property and Bailments - Law &...

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Law & Society I Key : M W 9:30AM, Snell 213 Normal, dark blue, size 12 font: Every header found in text John Exley, ID: 0160294 Normal, black, size 12 font: Excerpts from text 11.19.08 Bold, black, size 12 font: Vocabulary from text Chapter 47: Personal Property and Bailments Pages 960-976 Property: Legally protected rights and interests in anything with an ascertainable value that is subject to ownership. Section 1 – Personal Property versus Real Property Real Property: Land and everything attached to it, such as foliage and buildings. Personal Property: Property that is movable; any property that is not real property. Why Is the Distinction Important? Converting Real to Personal Property Section 2 – Fixtures Fixture: A thing that was once personal property but that has become attached to real property in such a way that it takes on the characteristics of real property and becomes part of that real property. The Role of Intent Trade Fixtures Trade Fixture: The personal property of a commercial tenant that has been installed or affixed to real property for a business purpose. When the lease ends, the tenant can remove the fixture but must repair
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Chapter 47 - Personal Property and Bailments - Law &...

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