Personal Property

Personal Property, also called “movable property,” “personalty,” “movables,” or “chattels,” include virtually any form of property other than real estate. Some examples of personal property include cars, jewelry, and small businesses. Personal property is movable property and goods, as distinguished from real property, which is fixed and immovable. Moreover, real property must often be transferred by a written contract, and the associated deed is often recorded. Click here for information on the Uniform Commercial Code Article 2A (UCC) and how it relates to personal property leasing, and ways your state's lemon laws can help you. Read more about these and other subjects under Business Operations.

Personal Property Articles
    • Look Before You Lease: Upgrade Rights
      A reader has asked us to go over upgrade rights, one of the most difficult provisions for lessees to negotiate. For years, lessees of various types of equipment, especially computer and other high technology equipment, have requested that each of ...

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    • Florida Documentary Stamp Taxes
      Under proposed regulations issued by the Florida Department of Revenue, Florida documentary stamp taxes will NOT be payable on true leases OR direct finance leases ($1-Out leases) under which equipment is delivered to a Florida lessee WHETHER OR NOT ...

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    • Form Leases and Specific Equipment
      Small ticket and middle market Lessors come to rely on form lease documents. In most cases, these friendly and familiar forms are drafted to cover a wide variety of equipment. Problems arise when Lessors step out of their familiar niche and into ...

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    • Liquidated Damages/Foreclosure Sale
      Costal Leasing Corporation v. T-Bar S Corporation, 128 N.C. App. 379 496 S. E. 2d 795 (1998). LIQUIDATED DAMAGES/FORECLOSURE SALE. The North Carolina court upheld the liquidated damages clause under pre-UCC Article 2A law but reached the unusual ...

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    • Product Liability
      Long v. Tokai Bank of California, 682 N.E.2d 1052 (Ohio App. 9/20/96). PRODUCT LIABILITY - In a pre-UCC 2A case, a "financial lessor" (apparently, a lessor who would be protected by a "finance lease" determination under Article 2A) was held not to ...

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    • Making Peace with Man's Best Friend: Sinking your teeth into the Michigan DOG BITE Statute
      THE CANINE EXPLOSION Look around. Our little pets are everywhere! Recent statistics report over 60 million dogs (and counting) in the United States alone! 1. They sit in our cars, run in our yards and even sleep in our beds. Disney has made billions ...

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    • Reduction of Attorney's Fees Due (Reasonable Fees and Incivility)
      Aspen Serv., Inc. v. IT Corp., 1998 WL 300961 (Wis. App. 6/10/98). REDUCTION OF ATTORNEY'S FEES DUE (REASONABLE FEES AND INCIVILITY) - In the case at bar, the plaintiff-lessor recovered from the defendant-lessee for rent owed under an equipment ...

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    • Information Regarding Rules and Regulations and Discrimination Issues
      You may prohibit games (in the park streets and elsewhere) which could cause property damage (baseball, football, or soccer), but outlawing all games (such as skip rope and hopscotch) would be discriminatory. Look out for any rule that limits a ...

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    • UCC Article 2A: Friend or Foe?
      Uniform Commercial Code Article 2A is a proposed set of laws relating to personal property leasing. As of this writing, Article 2A has been adopted in 47 states and the District of Columbia (excluding only Louisiana, South Carolina and Vermont ...

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    • Unconscionability in a Commercial Setting
      Imaging Financial Services, Inc. v. Graphic Arts Services, Inc., 172 F.R.D. 322 (N.D.Ill. 3/28/97). UNCONSCIONABILITY - Graphics Arts leased various pieces of equipment from Imaging. The obligation to pay was unconditional and there were the usual ...

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