1
Q
Name the two main categories or property
A
Realty
Personalty
2
Q
What is realty?
A
- part and parcel of the land.
- A building is realty
3
Q
What are the two types of
Personalty?
A
Chose in possession
Chose in action
4
Q
Define a chose in possession
A
Chattels
The value is in the item itself.
I.e. clothes
5
Q
Define chose in action and provide some examples
A
A chose in action is a promise.
I promise you that this cheque is worth £10.
The value is in the action, not the item itself.
A £10 note is also a chose in action. It is the Bank of England who determine the value of the note.
