In our legal system, the distinction between actual and personal property is important in many respects. For example, the sale of personal property, but not real estate, is governed by Article 2 of the Single Code of Trade (UCC). On the other hand, real estate transactions are governed by the common law of contracts. Assuming that goods are exchanged for real estate. Section 2-304 of the UCC states that the transfer of the goods and the seller`s obligations to them are governed by Article 2, but are not subject to the transfer of the seller`s actual holdings or obligations in connection with them. Tax laws also differ in their approach to real and personal property. In particular, the rules for valuation, depreciation and execution depend on the nature of the property. Thus, real estate decreases more slowly than personal property, and homeowners generally have a longer time than private property owners to obtain unpaid taxes before the state confiscates the property. While the question of what a device is and what is not may seem simple, there are a few areas of shadow. A rule of thumb is that if you need a screwdriver to remove an item, it`s a device. If it is fixed using a nail or connector, it is not.
In the case of an assembled television, the wall stand is a lamp, but not the television. Curtain bars and blinds are considered devices, but not curtains. Learn more about what is considered in real estate as a fixed size. Although the delivery, intent and acceptance requirements apply to both causa mortis and inter vivo gifts, a cause of a mortis gift (one in consideration of death) may be distinguished from an inter vivo gift for other reasons. The difference between the two lies in the donor`s power to revoke the gift before he dies; In other words, the gift depends on his death. Since the law does not allow gifts that will take place in the future, depending on certain events, how can it be that a cause of a mortis gift is effective? The answer lies in the type of transfer: the finish takes the real title when the gift is made; If the donor does not die or if he revokes the gift before he dies, then and only then the finished will lose the title. The difference is subtle and goes to the difference between the phrase “If I die, the watch belongs to you” and “The watch is yours, unless I survive.” In the first case known as the precedent, there is no valid gift; in the latter case, designated as a later condition, the gift is valid.