Personal property law governs movable assets, such as cars and jewelry, and intangible assets, such as copyrights and commercial interests. Other laws, such as landlord and tenant laws and inheritance laws, overlap with personal property law. Possession and tenure are important aspects of personal property law, with active and constructive possession being the two types of possession.
Personal property law is the area of property law that governs all assets that do not consist of land or building structures attached to the land. Personal property is movable property and assets, distinct from immovable property, which are fixed and immovable. Some examples of personal property subject to personal property laws include automobiles, jewelry, and small businesses. Personal ownership does not require a formal transfer or written contract in many cases. Real estate often has to be transferred with a written contract, and the associated deed is often recorded.
Personal property is sometimes classified as corporeal, which refers to tangible property that can be perceived by the senses or appear in material form. For example, a car or computer would be classified as corporeal. The other classification is incorporeal, which refers to immaterial property that has no material form and cannot be perceived by the senses. Examples of embodied personal property are copyrights, commercial interests, and obligations. The Personal Property Act covers the rules and cases relating to the possession, relinquishment and sale of tangible and intangible personal property.
There are many other laws that overlap with personal property law. For example, landlord and tenant laws dictate when and how landlords can dispose of the personal property belonging to an evicted tenant. Inheritance laws also specify how the personal assets of the deceased are to be distributed to heirs, which can be different from the rules for distributing real estate. Many regions levy taxes on certain types of personal property, which are covered by tax laws. For example, the amount of tax a county in the United States can collect on cars owned by county residents is often found in the tax laws.
Issues of property and tenure are important aspects of personal property law. Individuals who take possession of certain types of personal property may also gain title and ownership. For example, personal property law in many jurisdictions states that whoever finds lost property owns the property if they take possession of it. The exception to this rule is if the original owner requests it. The two types of possession include active and constructive. An individual has active possession when he takes physical possession of personal property. An individual has constructive possession when he has the power to control it and intends to do so.
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