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Author Question: Define, describe, and provide an example of the different forms of personal property. What will ... (Read 21 times)

leilurhhh

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on: Aug 3, 2018
Define, describe, and provide an example of the different forms of personal property.
 
  What will be an ideal response?

Question 2

Describe and contrast the present and future interests in a life estate.
 
  What will be an ideal response?


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shaquita

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Reply #1 on: Aug 3, 2018
Answer to Question 1

Personal property can be tangible or intangible and is generally movable. Tangible personal property is something that can be touched, such as a car, jewelry or a book and is movable. Intangible personal property cannot be touched, like a bank account or professional practice.

Answer to Question 2

A present interest is the right to currently own, possess, use, and enjoy the property. A future interest is the right to own the property at some unknown time in the future. In a future interest, possession, use, and enjoyment are deferred until the future. A future interest can be a reversion to the grantor, or a remainder to a third party.


leilurhhh

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Reply #2 on: Aug 3, 2018
Both answers were spot on, thank you once again


shaquita

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Reply #3 on: Aug 3, 2018
Great! Please up vote :D


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