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Unformatted text preview: the owner or occupier. Distinguish between real and personal property
The term ‘property’ is also used to describe every possible interest a person can acquire, and it covers
both tangible and intangible interests. All property is divided into two main categories: real property
and personal property (see Figure 33.1). Property is the highest right a person can have in a thing,
whether that thing is land (real property or realty) or chattels (personal property or ‘personalty’). Types of property
(land) Personal property
(chattels) What is personal property?
Personal property (see Figure 33.2) can be divided into:
• chattels real—meaning leases of land that are considered to be personal rights in relation to real
• chattels personal—these can be further divided into:
– choses in possession; and
– choses in action.
FIGURE 33.2 Types of personal property
(leases of land) Chattels personal
Choses in action
(intangibles) Choses in possession
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This document was uploaded on 04/23/2012.
- Three '12