You are on page 1of 4

PROPERTY property. 1.

The right to possess, use, and enjoy a determinate thing (either a tract of land or a chattel); the right of ownership <the institution of private property is protected from undue governmental interference>. Also termed bundle of rights. [Cases: Constitutional Law 277; Property 1. C.J.S. Constitutional Law 982; Property 210, 13.] 2. Any external thing over which the rights of possession, use, and enjoyment are exercised <the airport is city property>. [Cases: Property 1.C.J.S. Property 210, 13.] In its widest sense, property includes all a person's legal rights, of whatever description. A man's property is all that is his in law. This usage, however, is obsolete at the present day, though it is common enough in the older books.... In a second and narrower sense, property includes not all a person's rights, but only his proprietary as opposed to his personal rights. The former constitute his estate or property, while the latter constitute his status or personal condition. In this sense a man's land, chattels, shares, and the debts due to him are his property; but not his life or liberty or reputation.... In a third application, which is that adopted [here], the term includes not even all proprietary rights, but only those which are both proprietary and in rem. The law of property is the law of proprietary rights in rem, the law of proprietary rights in personam being distinguished from it as the law of obligations. According to this usage a freehold or leasehold estate in land, or a patent or copyright, is property; but a debt or the benefit of a contract is not.... Finally, in the narrowest use of the term, it includes nothing more than corporeal property that is to say, the right of ownership in a material object, or that object itself. John Salmond, Jurisprudence 42324 (Glanville L. Williams ed., 10th ed. 1947). abandoned property. Property that the owner voluntarily surrenders, relinquishes, or disclaims. Cf. lost property; mislaid property. [Cases: Abandoned and Lost Property 1. C.J.S. Abandonment 4, 78.] special property. Property that the holder has only a qualified, temporary, or limited interest in, such as (from a bailee's standpoint) bailed property. absolute property. Property that one has full and complete title to and control over. PROPERTYRATIONE PRIVILEGII property ratione privilegii (ray-shee-oh-nee priv-i-lee-jee-I).Hist. A common-law right, granted by a royal franchise, to take wild animals on another's land. This principle made its way into American law. See, e.g., Hanson v. Fergus Falls Nat'l Bank, 65 N.W.2d 857, 862 (Minn. 1954). Cf. PROPERTY RATIONE SOLI . Property Ratione privilegii is the right which, by a peculiar franchise anciently granted by the Crown in virtue of its prerogative, one man had of killing and taking animals Ferae naturae on the land of another; and in like manner the game, when killed or taken by virtue of the privilege, became the absolute property of the owner of the franchise, just as in the other case it becomes the absolute property of the owner of the soil. Blades v. Higgs, 11 Eng. Rep. 1474, 1479 (H.L. 1865).

and, is the soil of the earth, and includes everything erected upon its ... 3 The legal situs of personal property follows the domicile of the owner and ...
PROPERTY RATIONE SOLI property ratione soli (ray-shee-oh-nee soh-lI). The common-law right to take wild animals

found on one's own land. Cf. PROPERTY RATIONE PRIVILEGII. The exclusive common law right of a landowner to take game on his land, known as property ratione soli ... has been recognized throughout the history of common law, with one exception: Following the Norman Conquest the King contended that he was lord paramount of the field, possessed of the right to the universal soil and of the exclusive right to take the game, but the irate landowners, vehemently objecting, quickly and decisively recaptured their rights and re-established the common law. Alford v. Finch, 155 So. 2d 790, 792 (Fla. 1963). PROPERTY RIGHT property right. See RIGHT. PROPERTY SETTLEMENT property settlement. 1. A judgment in a divorce case determining the distribution of the marital property between the divorcing parties. A property settlement includes a division of the marital debts as well as assets. Also termed property division; division of property. [Cases: Husband and Wife 248.] 2. A contract that divides up the assets of divorcing spouses and is incorporated into a divorce decree. Also termed integrated property settlement; property settlement agreement. Cf. DIVORCE AGREEMENT . [Cases: Husband and Wife 277.] 3.MARITAL AGREEMENT. PROPERTY SETTLEMENT AGREEMENT property settlement agreement. See PROPERTY SETTLEMENT(2). complete property. The entirety of the rights, privileges, powers, and immunities that it is legally possible for a person to have with regard to land or any other thing, apart from those that all other members of society have in the land or thing. corporeal property. 1. The right of ownership in material things. 2. Property that can be perceived, as opposed to incorporeal property; tangible property. [Cases: Property 1, 2. C.J.S. Property 213, 1520.] distressed property.Property that must be sold because of mortgage foreclosure or because it is part of an insolvent estate. [Cases: Bankruptcy 3067.1.] tangible property incorporeal property. 1. An in rem proprietary right that is not classified as corporeal property. Incorporeal property is traditionally broken down into two classes: (1) jura in re aliena (encumbrances), whether over material or immaterial things, examples being leases, mortgages, and servitudes; and (2) jura in re propria (full ownership over an immaterial thing), examples being patents, copyrights, and trademarks. 2. A legal right in property having no physical existence. Patent rights, for example, are incorporeal property. Also termed incorporeal chattel; incorporeal thing. intangible property. Property that lacks a physical existence. Examples include stock options and business goodwill. Cf. tangible property. [Cases: Property 1, 2. C.J.S. Property 213, 1520.] lost property. Property that the owner no longer possesses because of accident, negligence, or carelessness, and that cannot be located by an ordinary, diligent search. Cf. abandoned property; mislaid property. [Cases: Abandoned and Lost Property 10.] mislaid property. Property that has been voluntarily relinquished by the owner with an intent

to recover it later but that cannot now be found. Cf. abandoned property; lost property. [Cases: Abandoned and Lost Property 1, 10. C.J.S. Abandonment 4, 78.] A distinction is drawn between lost property and mislaid property. An article is mislaid if it is intentionally put in a certain place for a temporary purpose and then inadvertently left there when the owner goes away. A typical case is the package left on the patron's table in a bank lobby by a depositor who put the package there for a moment while he wrote a check and then departed without remembering to take it with him. There is always a clue to the ownership of property which is obviously mislaid rather than lost, because of the strong probability that the owner will know where to return for his chattel when he realizes he has gone away without it. Rollin M. Perkins & Ronald N. Boyce, Criminal Law 31011 (3d ed. 1982). personal property. 1. Any movable or intangible thing that is subject to ownership and not classified as real property. Also termed personalty; personal estate; movable estate; (in plural) things personal. Cf. real property. [Cases: Property 4. C.J.S. Property 1421, 23.] 2.Tax. Property not used in a taxpayer's trade or business or held for income production or collection. [Cases: Taxation 67. C.J.S. Taxation 114, 120, 122, 125, 129130.] [P]ersonal property includes ... everything except real property. It includes credits, savings-bank deposits, notes, bonds, the proceeds arising from the sale of realty, and the right to a certificate in foreclosure, the time of redemption having passed. 3 William Herbert Page, A Treatise on the Law of Wills 964, at 4445 (1941). private property. Property protected from public appropriation over which the owner has exclusive and absolute rights. real property. Land and anything growing on, attached to, or erected on it, excluding anything that may be severed without injury to the land. Real property can be either corporeal (soil and buildings) or incorporeal (easements). Also termed realty; real estate; fast estate. Cf. personal property (1). [Cases: Property 4. C.J.S. Property 1421, 23.] Historically, the line between real and personal property stems from the types of assets administered on death respectively, in the king's and in the church's courts. The king's courts, concerned with the preservation of the feudal structure, dealt with fees simple, fees tail and life estates. Estates for years, gradually evolving out of contracts made by feudally unimportant persons, clearly became interests in land but never fully attained the historical dignity of being real property. The early economic unimportance of money, goods and things other than land permitted the church courts to take over the handling of all such assets on the death of the owner. When the development of trade and of capitalism caused assets of these types to assume great, and sometimes paramount, importance we found ourselves with the two important categories of property, namely real and personal property, each with its set of rules evolved from a different matrix. The pressure of modern society has been strongly for assimilation and the resultant elimination of this line, but this movement is far from complete attainment of its goal. 1 Richard R. Powell, Powell on Real Property 5.04, at 57 to 58 (Patrick J. Rohan ed., rev. ed. 1998). scheduled property. Insurance. Property itemized on a list (usu. attached to an insurance policy) that records property values, which provide the basis for insurance payments in the event of a loss under an insurance policy. [Cases: Insurance 2169.] separate property. See SEPARATE PROPERTY.

tangible personal property. Corporeal personal property of any kind; personal property that can be seen, weighed, measured, felt, or touched, or is in any other way perceptible to the senses, such as furniture, cooking utensils, and books. tangible property. Property that has physical form and characteristics. Cf. intangible property. [Cases: Property 12. C.J.S. Property 213, 1520.] special-purpose property. Property that has a unique design or layout, incorporates special construction materials, or has other features that limit the property's utility for purposes other than the one for which it was built. Because of the property's specialized nature, the market for the property may be quite limited. Also termed limited-market property; special-design property. PROPERTY OF THE DEBTOR property of the debtor. Bankruptcy. Property that is owned or (in some instances) possessed by the debtor, including property that is exempted from the bankruptcy estate. 11 USCA 541(b). Also termed debtor's property. [Cases: Bankruptcy 25312559. C.J.S. Bankruptcy 105109, 111, 113120, 122.] PROPERTY OF THE ESTATE property of the estate. Bankruptcy. The debtor's tangible and intangible property interests (including both legal and equitable interests) that fall under the bankruptcy court's jurisdiction because they were owned or held by the debtor when the bankruptcy petition was filed. 11 USCA 541. Also termed estate's property. [Cases: Bankruptcy 24912559. C.J.S. Bankruptcy 105109, 111, 113120, 122124, 126, 128.] PROPERTY RATIONE PRIVILEGII CAPITALE capitale (kap-i-tay-lee). [Latin a thing] Hist. 1.Movable property, esp. animals (such as 100 head of cattle). Over time, chattel became the more common term. 2. A stolen thing, or its equivalent value. Pl. capitalia.