HopefullyInLawSchool
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Simple English definitions for legal terms
mobile goods
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A quick definition of mobile goods:
Mobile goods are things that can be moved from one place to another. They can be bought and sold, and have value. Examples of mobile goods include shipping containers and road-construction machinery. These goods are usually used in more than one place and can be owned by someone or leased to others. In the past, the law for perfecting a security interest in mobile goods was defined by the state where the owner was located, but now the law does not distinguish between mobile and ordinary goods.
A more thorough explanation:
Definition: Mobile goods are tangible personal property that can be moved from one place to another. This includes items of trade or merchandise that have value and can be bought or sold.
Examples: Mobile goods can include shipping containers, road-construction machinery, and equipment that is leased by a debtor to others. These goods are typically used in more than one jurisdiction and can be held by the debtor as equipment.
Another example of mobile goods is a car that is bought and sold across state lines. The car is a tangible item that can be moved from one place to another and has value that can be traded.
Explanation: Mobile goods are items that can be moved from one place to another and have value. They can be used in more than one jurisdiction and are typically held by the debtor as equipment or leased to others. The examples illustrate how mobile goods can be used in different industries and how they can be bought and sold across state lines.