Personal property Definition

GLOSSARY

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What does Personal property mean?

Personal property (or personalty) comprises all the forms of property, movable or immovable, corporeal and incorporeal, other than the freehold estates and interests in land (which include chattels affixed to land) and its appurtenances.

Personal property is divisible into two classes: chattels personal; and chattels real. Chattels personal have retained much of their former individuality; in particular, the rules that govern the acquisition and alienation inter vivos of chattels personal differ from those applicable to real property.

View the related checklists about Personal property

Cash searches—checklist

Cash searches—checklist Code of Practice The search powers covered in this Checklist are subject to the Recovery of cash: search powers, code of practice under section 292. Cash search powers A police, immigration, customs, Serious Fraud Office (SFO) officer or an accredited financial investigator (the relevant officer) may only exercise the power to search where the following criteria are met: Premises • the relevant officer must already have lawful authority to be present on the premises either under another statutory power or by invitation • the relevant officer must have reasonable grounds to suspect that cash is on the premises that is either recoverable property or is intended for use in unlawful conduct, see Practice Note: Cash searches under the Proceeds of Crime Act 2002 • the relevant officer must have reasonable grounds to suspect that the amount of cash is greater than the statutory minimum amount of £1,000 Vehicles • it must appear to the relevant officer that the vehicle is under the control of a person (ie the...

International supply of goods—checklist

International supply of goods—checklist This Checklist considers how to identify international contracts for the supply of goods and how international contracts for the supply of goods can create more considerations than the domestic supply of goods. The Checklist then sets out a series of considerations when drafting and entering into international contracts for the supply of goods, including issues such as credit rating, carriage of goods (or shipping), international trade terms (including Incoterms®), payment, trade finance, currency, exchange controls, import and export restrictions, intellectual property, force majeure, insurance, language, product liability, notices, governing law, jurisdiction, and trade with the EU. The Checklist is drafted practically from the perspective of an in-house lawyer. Identifying international contracts Does your business know how to identify an international contract, or even what an international contract is? Knowing how to spot an international contract is important for two reasons: • this will shape your involvement as the in-house lawyer—is this a contract you can advise on or do you need to seek external advice? If...

Goods—property, title and risk

This Practice Note considers the point at which property, title and risk pass from a seller to a buyer in a business to business (B2B) sale of goods transaction depending upon the nature of the goods, the intention of the parties, the terms of the contract to which the sale is subject and the provisions of the Sale of Goods Act 1979 (SGA 1979).In a sale of goods contract it is the duty of the buyer to accept and pay for goods in exchange for the seller delivering the goods to the buyer.A sale of goods from a seller to a buyer will involve the passage of property, title and risk. The point at which that occurs depends on, the nature of the goods, the intention of the parties, the terms of the contract to which the sale is subject and the provisions of the SGA 1979.Are property and title the same?There is an apparent distinction in SGA 1979, Part III between property and title to goods. Part III is...

Will interpretation—property passing on death

Will interpretation—property passing on death Rules relating to the construction of Wills have developed over many years and those surrounding the interpretation of dispositions were quite unclear due to the differing rules relating to personalty and realty. This was changed by the statutory effect of the Administration of Justice Act 1982 (AJA 1982). The case of Marley v Rawlings confirmed that the modern approach is to ascertain the testator’s intention from their words. While no longer as definitive as they were previously, many of the previous rules remain a helpful starting point. On the basis of the caselaw in this area, practitioners are advised to use only precedents that are in common usage and not to depart from them without careful consideration. References to property in a Will speak from the date of death A reference to real and/or personal property (for a discussion of real and personal estate, see Practice Note: Devolution of assets and the need for a grant) in a Will speaks from the...

Discover our 149 Practice Notes on Personal property

AML, CTF and counter-proliferation financing policy—law firms

AML, CTF and counter-proliferation financing policy—law firms 1 Introduction to the policy 1.1 [Firm name] is required to put in place appropriate systems and controls to combat money laundering, terrorist financing and proliferation financing under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended. 1.2 For more details on the MLR 2017, see section 10. 2 Scope and application 2.1 This policy contains the procedures we have developed to comply with the MLR 2017, as amended. 2.2 This policy applies to all [our offices, ]employees, officers, consultants, contractors and to other workers including agency workers, casual workers[, volunteers] [, interns] and home workers. 2.3 All staff must be familiar with this policy and comply with its terms. 2.4 This policy does not form part of any contract of employment and we may amend it at any time. 3 Responsibility for AML, CTF and counter-proliferation financing compliance 3.1 The firm itself is primarily responsible for...

Code of conduct and disciplinary and dismissal procedure (short form)

Code of conduct and disciplinary and dismissal procedure (short form) 1 Purpose and scope of the procedure 1.1 The code of conduct and disciplinary procedure set out below are designed to ensure that all employees of the Company are treated fairly and consistently, to ensure the efficient and safe performance of work and to promote the maintenance of good relations between colleagues and between employees and their managers. 1.2 You should familiarise yourself with and abide by the code of conduct and disciplinary procedure, which applies to all employees. 1.3 The code of conduct forms part of your contract of employment with the Company. The disciplinary procedure does not form part of your contract of employment. It may be amended at any time and the Company may use an alternative procedure depending on the circumstances of the particular case. 2 Code of conduct 2.1 The code of conduct covers the main standards of behaviour and performance required by the Company. You are under a duty to comply...

Dive into our 13 Precedents related to Personal property

If personal representatives exercise their power of appropriation over the deceased’s land, what formalities must be fulfilled?

If personal representatives exercise their power of appropriation over the deceased’s land, what formalities must be fulfilled? This Q&A assumes that the power of appropriation will be exercised by personal representatives and not trustees. By way of background, the process of appropriation is where a personal representative (PR) or a trustee uses a specific asset in the estate or trust fund, to meet in full or in part, a beneficiary’s entitlement or interest. What is appropriation? PRs have a power of appropriation under the common law over any part of the residuary estate (but not a fund) which may be exercised with the consent of the beneficiary, in or towards satisfaction of a vested legacy or a share of residue. This power allows PRs to deal with both real and personal property even if that property is subject to a trust for conversion. See Practice Note: Personal representatives and trustees—power of appropriation. The powers of appropriation given to PRs is set out in section 41 of...

Does an allotment of shares in a company to the company's director require member approval under the substantial property transactions regime?

Does an allotment of shares in a company to the company's director require member approval under the substantial property transactions regime? In the context of this Q&A, the company is a private company limited by shares and that the company will not be allotting shares at a discount (in accordance with section 580(1) of the Companies Act 2006 (CA 2006)). Furthermore, the company’s articles of association (and other constitutional documents) do not contain any provisions requiring member approval in relation to an allotment of shares to the directors. Subject to certain exceptions, member approval is required for substantial property transactions between a company and its directors as these transactions are particularly open to abuse. Under CA 2006, s 190, an arrangement must be approved by a resolution of the members of the company, or be conditional on such approval being obtained, where: • a company acquires (or is to acquire) a substantial non-cash asset from a director of that company (or that company’s holding company) or a person...

See the 55 Q&As about Personal property

A look back at the top UK corporate crime cases of 2024

Law360, London: Julian Assange's blockbuster plea deal, which allowed the Wikileaks founder to walk free from prison, the first fine imposed by Britain's sanctions' enforcer over Russia and a landmark ruling on criminal liability in supply chains are just a few of the key cases from 2024.

Dispute Resolution weekly highlights—19 December 2024

This week's edition of Dispute Resolution weekly highlights includes the Online Procedure Rule Committee’s minutes for 2024, the Minutes of the Civil Procedure Rule Committee of 1 November 2024 and the Court of Appeal decision in Bangs v FM Conway Ltd (relief from sanctions); dates for your diary; details of our most recently published content; and other information of general interest to dispute resolution practitioners.

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