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What term is used to describe and individuals money and personal property?
Wiki User
∙ 8y ago
The term commonly used to describe an individual's money and personal property is "assets." This includes cash, investments, real estate, and other valuable possessions owned by the individual.
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What are the classification of property in land law?
Property in land law can be classified into real property and personal property. Real property refers to land and anything permanently attached to it, such as buildings. Personal property includes movable items like furniture, vehicles, and money.
Diffinition of embelzzement?
Embezzlement is the act of dishonestly appropriating or stealing money or property entrusted to one's care. It typically occurs in a workplace setting where an employee misappropriates funds for personal use. Embellishment involves manipulation or falsification of records to conceal the theft.
What does embezzlement mean?
Embezzlement is the act of dishonestly appropriating or secreting assets by someone entrusted with the care of those assets. It typically involves the misappropriation of funds or property for personal use. It is considered a form of white-collar crime.
What all is considered the estate?
An estate typically includes assets owned by an individual at the time of their death, such as real estate, personal property, investments, and financial accounts. It also includes any debts or liabilities the individual had when they passed away. The estate is then distributed to heirs or beneficiaries according to the individual's will or the laws of intestacy.
What is the main idea of the 7th amendments?
The main idea of the 7th Amendment is to guarantee the right to a trial by jury in civil cases involving disputes over property or money that exceed $20. This amendment ensures that individuals have the opportunity to have their cases heard by a jury of their peers in certain types of civil legal matters.
Is money personal tangible property?
Money is considered personal property and personal property is part of a person's estate.
If you sell personal property on craigslist is that money taxable income?
Yes
If personal property is not asked for but money is in a small claims action can that property be repossessed?
(Assuming you are the defendant) If the plaintiff is awarded a judgment against you, and you do not satisfy the judgment in full, the plaintiff may file for a writ of execution on the personal property. The personal property can then be sold at a public sale to help pay for the judgment.
If you have an IRA can they take money from it when you go into bankruptcy?
IRA's are exempted personal property. Creditors can not touch this money to pay debths.
What is one use for the Microsoft money program?
Microsoft Money has a variety of uses for individuals. Its primary use is to help the individual manage his or her personal finances. It can help keep track of personal expenses and customize personal budgets for the user.
Does business personal property cover underground storage tanks?
If that property (the underground storage tanks) is used in the business to make money and you are the owner of the business, then yes. I'm not a lawyer so this is only my opinion after reading the definition of business personal property.
When someone dies and the rental is abandoned what do you do with the personal property?
There are specific laws in each state about abandoned property. After a certain period of time you can sell the property and put the money into escrow for the estate.
Caveat over a building property?
This is a form of security lodging against the property. It means that the person issuing the caveat has "say or control" upon sale of this property. Generally used when a personal guarantee is issued, and you want your money paid to you. However you cannot force the sale of the property, but you can be fully involved in the final sale and have rights to your money when the property is sold.It is an excellent tool to use when you have personal guarantee. The Banks will have priority to you, but you will be next in line.
Can you add to your estate money given to you in a trust?
Generally: Money given to you "In Trust" is not your personal property. It is not part of your individual estate. You would hold that money as a trustee for the benefit of others.
If someone owes you money and you have had their personal property for almost three months can you keep it until they pay you the money they owe you?
sell it to what is worth and take your money out that and give them back the rest
If there is no money in the estate of deceased family member who is responsible for the credit card debt of the deceased?
If there is no cash in the estate, other personal property OR real property, the estate is said to be insolvent and the creditors are out of luck. However, the sole debts of the decedent must be paid from any property, real or personal, before that property can be distributed to the heirs.
Is a bank account tangible personal property?
Yes. A Bank account is the personal property of the person who owns and operates the bank account. It will be considered an asset for the account owner. Anything that has a monetary value and belongs to someone is called an asset. Since a bank account is worth as much money that is in the account and belongs to a customer, it is the personal property of that person.
