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Personal Property

Possession, Possession Of Animals, Lost, Mislaid, And Abandoned Property, Confusion And AccessionGifts

Everything that is the subject of ownership that does not come under the denomination of real property; any right or interest that an individual has in movable things.

Personal property can be divided into two major categories: (1) corporeal personal property, including such items as animals, merchandise, and jewelry; and (2) incorporeal personal property, comprised of such rights as stocks, bonds, PATENTS, and copyrights.

Gifts

A gift is a voluntary transfer of personalty from one individual to another without compensation or consideration or the exchange of something of value. There are two main categories of gifts: inter vivos gifts, a voluntary, unconditional transfer of property between two living persons without consideration, and causa mortis, one that is made by a donor in anticipation of imminent death. The three requirements of a valid gift are delivery, donative intent, and acceptance.

CROSS-REFERENCES

Accession; Bailment; Chattel; Possession.

Additional topics

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