2018 BUS607 Week 6 Discussion 2.docx

Example of a chattel is a furnace which can be

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example of a chattel is a furnace, which can be affixed to land and become part of the  real property. Such chattels are called fixtures. Fixtures retain their quality as separate  personal property. For example, at the end of a lease term, the tenant generally has the  right to remove fixtures installed even though the rights to the real property end with the  ending of the lease. Intangibles are all kinds of personal property that are not tangible,  that cannot be seen or touched. Therefore, you can say this kind of property does not  involve a “thing” at all; it involves only a legal right. The mere existence of such a  category of property is a reminder that, in the law, property most accurately refers to  legal rights, not to things. A person can own all sorts of intangible “things,” including the 
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following: Bank accounts, Franchises and licenses, and Insurance policies. A person  can also own intellectual property such as patents, copyrights, trademarks, stocks,  bonds, promissory notes, and similar documents that are not themselves valuable but  merely represent intangible rights. Currency is treated as an intangible personal 
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