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Simple English definitions for legal terms
quasi-personalty
Read a random definition: privatization
A quick definition of quasi-personalty:
Quasi-personalty refers to things that are attached to real property but are considered as personal property by law. This means that even though they are fixed to the property, they are treated as movable items. For example, a fixture or a lease for years is immovable but is still considered personal property.
A more thorough explanation:
Quasi-personalty
Quasi-personalty refers to things that are fixed to real property, either actually or fictitiously, but are considered movable (personal property) by law. For example, property such as a fixture or lease for years, although immovable, is considered personal property.
Examples of quasi-personalty include:
- A chandelier that is attached to the ceiling of a house. Although it is fixed to the property, it is considered personal property because it can be removed and taken with the owner when they move.
- A lease for a commercial property. Although the property itself is immovable, the lease is considered personal property because it can be bought and sold separately from the property.
These examples illustrate how quasi-personalty can refer to things that are attached to real property but are still considered personal property by law.