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Fundamentals Of Law: Real And Personal Property

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Question:

Discuss about the Fundamentals of Law for Real and Personal Property.

 

Answer:

The Difference Between the Real and Personal Property

The property can divide into two parts.

Personal property, which is movable. It stated any property that belongs to the ownership that possession can be movable. The property must belong to someone. Whereas, the property is not owned with land which sometimes call the chattels. The personal property law also covers the possession, gifts, lost or abandoned property (Bodie2013).

The tangible and intangible property also include in the personal property.

Real property defined the permanent properties like land, buildings, crops and mineral rights. It is actually defines such properties which belongs or build in the land.

The main differences in real property and personal property are any property can be real whereas personal property not includes in real property. Persona property can be tangible or intangible whereas, real property includes that property which owner owns. The tangible and intangible properties are vehicles, goods, stocks, money and intellectual property whereas; the real property includes land, buildings, crops and mineral rights. Personal property can be easily transferred whereas, for transferring the real property the registration is must through the government acts and rules (Fagundes 2014).

 

The Differences in the Nature and Scope of Claims Supported under the Land Registration System as Opposed to the PPSA

The Personal Property Securities Act 2009 is the law about the security interest in the personal property. The personal property can be tangible or intangible whereas, real property includes that property which owner owns. The security interest stated the interest, which is, related to personal property which substances the secure payment or debt or any obligation that related to the transaction. In PPSA the security interest includes those transactions which substance the functions as a security. Under sec- 8 of PPSA provide such interest where the PPSA does not apply. The rights of combination of accounts and  the interest is a fixture never includes in the PPSA . the personal security interest personal property, transaction and a legal interest transaction is needed.

A personal property can be given as lease if that it is tangible like good which is substance and state the payment or performance of an obligation which is  a security interest under PPSA. The consumer properly must be registered by the serial number or the identity of the grantor, which will not appear in the PPSR (Stern2014).

 

Reference

Allee, K. D., Lynch, D. P., Petroni, K. R., & Schroeder, J. H. (2015). Do Property Taxes Affect Real Operating Decisions and Market Prices for Crude Oil?. Contemporary Accounting Research, 32(2), 736-762.

Bodie, Z. (2013). Investments. McGraw-Hill.

Bridge, M. (2015). Personal property law. OUP Oxford.

Eades, R. W. (2016). Torts Involving Personal Property (Vol. 1). Jury Instructions on Damages in Tort Actions.

Fagundes, D. (2014). An Information-Cost Critique of Chattel Property Servitudes. Jotwell: J. Things We Like, 191.

Stern, P. (2014). Personal Property Security: Conflict of laws under the PPSA. Law Society Journal: the official journal of the Law Society of New South Wales, 52(2), 38.

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