Paralegal Certification PrepTorts and Property LawEasy
A paralegal is conducting research for a client who owns a small fishing business. The client's boat was severely damaged when a large, privately owned yacht, anchored improperly, drifted into it during a storm. The yacht owner was not on board and had left the yacht unattended for several days. What type of property is the fishing boat considered in this legal context?
- AIntangible property
- BReal property
- CFixture
- DPersonal property
Show answer & explanationAnswer & explanation
Correct answer: D. Personal property
A boat, by its nature, is movable and not permanently attached to land, making it personal property. This distinguishes it from real property, which includes land and anything permanently affixed to it.
Why the other options are wrong
- A. Intangible property refers to non-physical assets like intellectual property or stocks.
- B. Real property refers to land and anything permanently attached to it, like buildings.
- C. A fixture is personal property that has become so attached to real property that it is considered part of the real property.
Personal Property
Any property that is not real property, typically movable. Also referred to as chattels.
- Movable and not permanently attached to land.
- Can be tangible (physical) or intangible (non-physical).
- Ownership is transferred by sale, gift, or inheritance.
Memory trick: Real Personal Intangible