Inhaltsangabe
Excerpt from Business Law Case Method
The term property used in a strictly legal sense, denotes the rights to objects against others; but in the broad sense, as commonly understood, the term sigui fies the ownership oi things or objects. It will be used in this sense in the present work. Personal property includes all those objects which man has taken into possession, except real property. The latter includes any interest in land for one's life, or longer. Any interest for a stated number of years is considered less than a life interest; therefore, an interest in land for ninety-nine years is not real property, but per sonal property. Leaseholds are personal property.
Personal property may be divided into two classes chattels real, and chattels personal. Leaseholds are chattels real, because they pertain to real estate, and have the general characteristics of real estate; so also are growing crops and emblements. Chattels personal consist of corporeal and incorporeal objects. The first consists of objects of which the owner may take bodily possession - such as money, furniture, live stock, etc. The second consists of rights against other persons such as debts, obligations on contracts, trade marks, etc. These are invisible property rights, and cannot be manually delivered, but only symbolically. Stocks, bonds, bills, notes, and insurance come under this clas sification.
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