Personal Property

  • Posted by: admin
  • 2017-04-11

Personal Property

Evaluate the legal aspects of acquiring, holding, and disposing of personal property
Personal property is that property, which is considered to be movable or the property that can be moved from one place to another. This property is categorized into two parts that is the tangible and the intangible property. The tangible property can be understood as the property, which is mobile that can be sensed and touched also. In this category, the land, building, furniture etc are included. On the other hand, intangible property consists of the negotiable instruments, goodwill etc.
During the acquisition of the personal property, the buyer and seller should pay equal attention towards the contract, during the purchase of the property, whether, all the pre-decided conditions are incorporated or not. It is important to conduct the transaction with the consent of the parties. The amount decided by the parties should be fair and according to the current market rate; so that any problem should not crop up in the future. The legal aspect related to holding, undertakes the issues related to the purchase of the property. The next aspect discussed is to possess the right of ownership by holding the property. If the buyer of the property has fulfilled his obligations related to the payment of the property, then, he is free to use the specific property. The last step follows the procedure of the disposition of the property. This point focuses on the fact that after gaining the ownership of the property, the buyer is considered to be the owner of the property and now, the owner is free to resale it. If the owner finds that the property is no longer providing benefits to him, then also, the property can be sold out. Additionally, if the propertys term with the owner is complete, then also he can go for its disposal. If the owner had not made the full payment for the property, then, he is required to get the consent of the original owner and thereafter, sale the property; otherwise, his behavior would not considered to be legal.

Matthews, S.F. & Rottmann, L.F. (2009). Legal Aspects of Farm Partnerships. Retrieved July 17, 2010, from http://extension.missouri.edu/publications/DisplayPub.aspxP=G511

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