An appraiser is a person qualified to estimate the value of a business, real property, or personal property. The profession requires knowledge, expertise, and, often, certification.
In the context of real, personal, or intangible assets, appreciated property refers to assets that have a fair market value greater than their original cost, adjusted tax basis, or book value.
A bailee is a person who has temporary custody of the personal property of another. The degree of liability for such property can vary depending on the circumstances and the terms of the bailment agreement.
The act of passing on personal property through a last will and testament.
Chattel refers to tangible, movable personal property, as opposed to real property, which is immovable. Examples of chattel include goods, vehicles, and furniture.
An exemption from capital gains tax that applies to gains from the disposal of chattels, which are items of movable personal property, provided their value is less than £6,000. It does not apply to wasting assets.
A chattel mortgage is a loan agreement where personal property is used as collateral to secure the payment of a debt or fulfillment of an obligation.
Chattel paper is a legal document that shows both a debt and a security interest in or a lease of specific goods. It is essential in transactions involving personal property.
Depreciation Recapture refers to the portion of taxable capital gain from the sale of an asset, which represents the depreciation previously deducted for that asset.
A devise is a testamentary gift of real property made by a will. In modern usage, the term may also refer to gifts of personal property made through a will.
The dowry is a traditional practice in many cultures where money, goods, or estate is brought by a bride to her husband on their marriage.
Emblements refer to crops grown by a tenant that are regarded as personal property, even if the tenancy has expired before the harvest or in the event of the tenant's death.
The term 'Estate' broadly encompasses all that a person owns, covering both real property and personal property. It can refer to the collection of assets left behind after death or the nature and extent of a person's interest in or ownership of land.
A fixture is an item that was initially personal property but has become real property due to its attachment to a building or land in such a way that removal would damage the property.
Future Interest refers to an individual’s legal right to possess or enjoy property or assets in the future, usually upon the occurrence of a specified event or the fulfillment of certain conditions.
An Income Tax Lien is a legal claim imposed by a government entity against a noncompliant taxpayer's property due to unpaid income taxes. This lien can pertain to both real and personal property.
Inheritance refers to real or personal property that is received by heirs. It generally includes property passed by will, and while the estate itself may be subject to federal estate tax, the recipient typically does not owe federal income tax on the inheritance.
The term 'legacy' refers to the disposition of personal property by will. This is a legal term often used in estate planning to describe a person’s wishes for distributing their tangible and intangible valuables after their death.
Ownership refers to the exclusive right of possessing, enjoying, and disposing of a thing. It encompasses both the concepts of possession and title, making it broader in scope than either.
A package mortgage is an arrangement whereby the principal amount loaned is increased because personalty, such as appliances, as well as realty, serve as collateral.
Personal property, also known as personalty, refers to movable items that are not attached to real estate and can include goods used in trade or business. Gains on the sale of personal property may be taxed favorably under Section 1231 of the Internal Revenue Code.
A personal property floater provides insurance coverage for all personal property, regardless of the insured's location and extends to household residents, including children away at school.
Personalty, also known as personal property, refers to any movable property that is not affixed to land or real estate. It includes items such as cash, furniture, vehicles, and other tangible objects.
A pledge involves the deposit of personal property as security for a debt, typically entailing the delivery of goods by a debtor to a creditor until the debt is repaid. It is commonly defined as a lien or a contract that mandates the transfer of personal property only as security.
Replevin is a legal form of action employed to recover possession of specific personal property that is unlawfully withheld from the plaintiff, plus damages for its detention.
A transaction based on a security agreement that concerns a security interest, whereby personal or real property is pledged as collateral for performance or for a debt.
A Security Interest represents a legal claim or right granted to a lender or secured party over the borrower's property (collateral) which secures the payment or performance of an obligation.
Tangible personal property refers to objects that can be physically touched and are not classified as real estate. When determining whether a fixture is real estate or tangible personal property, the method of attachment is pivotal.
Tenant fixtures refer to fixtures added to leased real estate by lessees, which, by contract or by law, may be removed by the lessee upon expiration of the lease.
The detailed conditions and arrangements specified within a contract, particularly relating to sales, include various elements such as price, financing, contingencies, closing costs, and personal property items included in the sale.
A testament, also commonly referred to as a will or last will and testament, is a legal document that indicates how a person's personal property should be distributed after their death.
A comprehensive set of laws governing various commercial transactions, including the sale of goods, banking transactions, secured transactions in personal property, and other matters. The UCC is designed to bring uniformity to the laws governing these areas across the states.
