What does Personalty, Choses in Possession, Choses in Action mean in relation to a property and selling my home, as my contract for sale of the property refers to it several times?
The Answer from Solicitors Online
Personalty is a legal term used to a describe personal property. It consist of Choses in Possession which are physical goods including money and Choses in Action which are items that do not have any physical existence such as credit balances.
Choses in Action have become increasingly important in modern day times.
Choses in Action
Examples of Choses in Action are Intellectual Property Rights such as patents, copyright and trade secrets.
Stocks and Shares are also another category of Choses in Action. The Public Limited Liability share ownership has led to a large increase in the number of share owners.
Debts owed by one individual to another are also another category of Choses in Action. An example of this is Government debt, which is often exists in the form of Government stocks, the right to interest and repayment. These Government stocks are often traded.
Choses in Possession
Examples of Choses in Possession are tables, chairs and all physical items that exist in a house. When you are selling a property, the contract of sale for the property should state what Choses in Possession if any are included in the sale of Property.
If you require legal advice on Personalty, Choses in Possession, Choses in Action and Property law, you can speak to one of our Solicitors online right now.