Personal Property - Law Dictionary Search Results
trust
trust agreement setting out the rights of the beneficiaries whose interests in the trust are declared to be personal property called also Illinois land trust naked land trust living trust : inter vivos trust in this entry marital
chattel
Latin capitale, from neuter of capitalis chief, principal see capital ] : an item of tangible or intangible personal property ;esp : chattel personal in this entry NOTE: In some jurisdictions the term chattel is restricted to items … in this entry NOTE: In some jurisdictions the term chattel is restricted to items of tangible and movable personal property. Other jurisdictions also classify intangible assets and property items as chattels. chattel personal pl: chattels personal : an
Trust
benefit of another (hence called the cestui que trust, or beneficiary), not, however, issuing out of real or personal property, but as a collateral incident accompanying it, annexed in privity to (i.e., commensurate with) the interest in such
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Estate
good legal or equitable estate at the same time; again, estates may be in possession, or in futuro; personal property may also be subject concurrently to a variety of ownerships, according to its nature; technically, in regard to
conversion
ratio or price and at a preset time equitable conversion : the constructive conversion of real property into personal property esp. as a result of a contract for sale of land or testamentary instructions to sell real estate … real property becomes, upon the execution of a contract for the sale of the property, the owner of personal property in the form of legal title to the property that secures payment of the purchase price. The purchaser
Tail
be construed for this purpose according to their effect if the limitations had been limitations before 1926 of personal property [L.P. Act, 1925, s. 130 (2), except personalty settled by reference to land s. 130 (3)] Sub-s. (4) … sub-s. (6) an entailed interest shall only be capable of being created by a settlement of real or personal property or the proceeds of sale thereof (including the will of a person dying after 1925), or by agreement
Executory devise
another person. It is to be remarked that a remainder could only be limited in freehold estates. In personal property, under which both chattels real and chattels personal are included, there could not be a remainder in the … could not be a remainder in the strict sense of that word, and therefor every future bequest of personal property, whether it be preceded or not preceded by a prior bequest, or limited on a certain or an
Joint-tenancy
Joint-tenancy. This tenancy is created where the same interest in real or personal property is, by the act of the party, passed by the same matter of conveyance or claim in solido, … entirely by the provision that 'a body corporate shall be capable of acquiring and holding any real or personal property in the same manner as if it were an individual.' The freehold in joint-tenants was so entire that
Real representative
deaths after 1925, s. 54, ibid.), with the object of assimilating the law of succession to real and personal property. Sect. 1 of the (English) A. E. act, 1925, provides:- '(1) Real estate (q.v.) to which a deceased
Executor
See DEVASTAVIT. (2) By operation of law by virtue of his office he takes a title to the personal property of the testator which vests him with full power ovr the testator's chattels, Attenborough v. Solomon, 1913 AC … s. 1, extending and amending the Land Transfer Act, 1897, real property devolves in the same manner as personal property, with some exceptions, e.g., an entailed interest not disposed of by the will, and property held in joint
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