Explain the difference between real property and personal property. Why is the d

Question

• Explain the difference between real property and personal property. Why is the distinction important? What is a fixture? Is it real or personal property? Explain.
• What is a bailment? How is a bailment different than a secured interest? Provide an example of each to explain the difference.

• Explain the difference between real property and personal property. Why is the distinction important? What is a fixture? Is it real or personal property? Explain.
• What is a bailment? How is a bailment different than a secured interest? Provide an example of each to explain the difference.

Explanation / Answer

Real Property is land and anything which is permanently attached to it. The property which is not real is personal property. It can be tangible or intangible.

In real property, things are immovable while in personal property things are movable.

The difference is important to know the exactly difference between real and personal

A fixture is personal property that becomes real estate. It is attached in a permanent manner to real estate. An example of a fixture would be a chandelier because it is movable item which is attached to the property.

A bailment is contractual transfer of possession of assets or property. It is for specific objective. The asset is delivered by bailor and received by bailee.

A security interest is enforceable claim or lein while in bailment is not enforceable claim or lein. A security interest is created by security agreement or by operations of law and in bailment , it is not created by such.

Suppose a father transfers his property to his son The son may pay rent or lease fee to his father,But in security interest father transfers forfully.

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