Personal Property Rights
If we look just at the meaning of property, it is something that can be posses. However, for legal purposes, property is broken down into two, namely real estate and personal property. |
Sponsored Links :
|
Real estate refers to land, and personal property refers to anything that can be moved. However, personal property can also be broken down further as not all personal property can be moved.
Personal property that can be moved is often referred to as pocket property. While property that cannot be moved, or is difficult to move, is often referred to as jumbo property.
When it comes to personal property rights, a person can show his claim just by showing ownership. That is if you are wearing a watch, you are rightful owner as it is your personal property. Therefore, you have the license to do whatever you want with that piece of watch -- wear it or not to wear it. However, for property that cannot be moved or physically possessed, one has to show personal property rights by way of papers stating ownership rights. Therefore, it is basically the paper that can be transferred, owned, mortgaged, sold, or destroyed and not the actual property. A good example here is land. A person can sell the land but what really changes is the name of the owner on the title deed. The land stays where it is.
Therefore, personal property can be things like furniture, jewelry, boat, artwork or any such item that can be moved around. Here the owner of the property has complete freedom to do what he wants with his property, and this is what is known as personal property rights.
More Articles :
|
