Section 1 The Nature of Personal Property

Chattel

There are two basic types of chattel: *Personal(cars, boats, furniture, livestock) * Chattels real, which are interests in real property other than ownership (lease) The term chattel comes from cattle. Chattel was used to differentiate ownership from land and livestock. A Chattel Mortgage is a mortgage secured by tangible personal property like cars, boat, livestock jewelry. Unlike real property personal property is movable.

Personal Property

All property that is not real property is personal property, also known as personality or chattel. Title to personal property is transferred by a bill of sale. Real property is transferred by a deed. Three types of personal property are: * Chattel * Trade Fixtures * Fructus industriales or emblements

Replacement Fixtures

Are improvements that are installed by the tenant to replace worn out ones that were already in place before the start of the lease. They would remain the property of the landlord and the tenant would not be entitled to remove them at the end of the lease.

Trade Fixtures

are articles of personal property that are necessary parts of a tenant's trade or business. Trade fixtures must be removed before the termination of the lease and responsible for any damage caused by removal.

Severence

is the act of removing something attached to land. For example a farm fence. The posts and rolls of wire are removed( severed from the land)

Fructus Industriales

or emblements are growing crops that are produced annually through labor and industry. Embelments are personal property even before harvest. EX. Farmers lease expires before the crop comes to be the landlord has to let him on the property to harvest his crops.