What is a personal property transaction?

Personal property is also known as movable property, movables, and chattels. Because it is viewed as an asset, it may be taken into consideration by a lender when someone applies for a mortgage or other loan.

What is personal property on a financial statement?

Everything you own, aside from real property, is considered personal property. Your bank accounts and any other financial assets such as investment accounts also count as personal property.

Is it legal to hold someone’s personal property as.?

No, unless your contract provides you with that right, or you have some sort of statutory lien on the property (for which I see no basis). It’s your friends’ property, and while you claim that they have breached your contract and owe you something, right now that is nothing more than your claim, with which your friends would no doubt disagree.

Can a personal property memorandum be used in addition to a will?

That’s a lot of trouble for a small item. One good solution is to use a separate document, usually called a “personal property memorandum,” in addition to your will. In it, you can leave items of tangible personal property.

What happens to personal property when a judgment is entered?

Once a judgment is entered, the ways in which a creditor can collect the debt from a judgment debtor become much broader. A judgment may allow creditors to seize personal property, levy bank accounts, put liens on real property, and initiate wage garnishments. Generally, judgments are valid for several years before they expire.

Can a personal lien be placed on a property?

Property is classified as real or personal. A personal lien placed against a property allows a plaintiff to collect money against the defendant/owner of the property.

Do you have to pay personal property tax?

ESA (Essential Services Assessment) The Essential Services Assessment (ESA) is a state specific tax on eligible personal property owned by, leased to or in the possession of an eligible claimant. This link will provide information on ESA, who must pay ESA and how to file a statement and remit payment. Personal Property Tax Reimbursements

Can a creditor take personal property to pay a debt?

A creditor must take personal property to pay your debt first. If the money from your personal property does not cover your debt, the creditor can then seize and sell real property you own. Proceeds from the sale are used to pay taxes and mortgages first. Then the creditor is paid.

When do you have to pay a debt on real property?

You have 60 days after this notice to pay your debt before your real property is seized and sold. Sixty days after getting notice of the sale of your real property, an officer will auction it off.

Once a judgment is entered, the ways in which a creditor can collect the debt from a judgment debtor become much broader. A judgment may allow creditors to seize personal property, levy bank accounts, put liens on real property, and initiate wage garnishments. Generally, judgments are valid for several years before they expire.