Chattel personal refers to movable or transferable items, such as toys or patents, as opposed to real property, which includes land or buildings. Chattel personal can be categorized into two types: personal and real. Personal chattel refers to items owned by a person, such as a horse or a bow, while real chattel depends on something else, such as a lease on a piece of land. Chattel vegetable is a type of personal property derived from plants, such as fruit or timber. Local chattel refers to personal property attached to land, like a fixture, while unique chattel is one-of-a-kind and irreplaceable.
Chattel personal refers to movable or transferable property that is not classified as real property. This encompasses physical objects that can be manually delivered, as well as intangible rights like patents. For instance, a horse or a bow would be categorized as personal chattel since they are immediately owned by an individual. Conversely, a lease or rent for a specific period of time would be considered chattel real as it represents an interest in real property that is less than a freehold or fee. Another example of chattel personal is a unique chattel, which denotes a one-of-a-kind item that cannot be substituted. This may include a rare piece of artwork or a historic artifact. It is crucial to comprehend the distinction between chattel personal and real property in legal matters, as they are governed by distinct laws and regulations.
Chattel personal refers to movable personal property that is not attached to land or real estate.
Examples of chattel personal include furniture, clothing, jewelry, vehicles, and electronics.
Yes, chattel personal can be sold or transferred from one person to another.
In some states, certain types of chattel personal may be subject to property taxes.
Yes, chattel personal can be used as collateral for a loan, such as a car or jewelry.
Chattel personal is typically divided between the spouses in a divorce settlement.
Yes, chattel personal can be included in a will and distributed to beneficiaries.
Chattel personal refers to movable property, while real property refers to land and buildings.
In some cases, certain types of chattel personal may be protected from creditors, such as household goods and clothing.
The legal process for transferring ownership of chattel personal typically involves a bill of sale or other written agreement between the buyer and seller.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 16th April 2024.
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