PERSONAL PROPERTY-HOW HELD. SECTION 14. INDIVIDUAL OWNERSHIP. The most common form of ownership is individual ownership. This form of ownership presents no legal difficulties and requires no explanation. SECTION 15. JOINT OWNERSHIP. Joint ownership in its broadest sense, includes all cases where two or more persons have a common interest in the ownership of property. In this sense it includes both joint tenancy and ownership in common. In the case of joint tenancy there must exist the four unites of time, title, interest, and possession. In the case of ownership in common, only unity of possession is necessary.1 The principle incidents of ownership of personal property in common have been summed up as follows: First. The possession of one is the possession of all, and all are equally entitled to possession. Second. One cannot maintain an action against his co-tenant to recover possession of the common property; but he may have an action of tort against him for its conversion or destruction. Third. The interest of one is subject to levy and sale by execution for his debts; but if the officer sells the whole property, and not merely the interest of the judgment debtor, he will be liable to an action by the other co-owner for his undivided interest. Fourth. One owner in common of chattels may recover from another any money properly expended on it beyond his due proportion; but there must have been a previous request to join in making the necessary repairs, unless there exist some agreement or prescription binding either party exclusively to make repairs. Fifth. Where personal property in common bulk and of the same quality, severable in its nature, is owned by two or more persons in common, each may sever and appropriate his share if it can be determined by measurement or weight, without the consent of the others, and without liability to an action for the conversion of the common property. Sixth. Owners in common of personal property may maintain a suit in equity for partition; and in case a division be impracticable they may have a decree for the sale of the common property, and a division of the proceeds. SECTION 16. PARTNERS AND CORPORATIONS. Property may be owned not only by individuals either severally nor jointly, but also by partnership and corporations. The ownership of personal property by partnership or private corporations will be treated under these subjects.2 Private Corporations, Vol. VIII, Vol. VIII, Subject 24. SPECIAL SPECIES OF PERSONAL PROPERTY. SECTION 17. DEBTS. A debt is something due from one person to another. Every debt has a dual aspect, there is the obligation of the debtor, and the chose in action of the creditor. The right, or chose, in action of the creditor is a species of personal property. As such personal property debts are proper subjects of taxation or execution. Debts can be discharged either by payment, accord and satisfaction, bankruptcy, release, rescission, lapse of time or novation.1 Mortgages are debts whose payment is secured by the pledge of real or personal property. At the present time the debt is considered the true property right and the mortgage as only security therefor. The right of a mortgagee of real property is therefore only personal property.2 Chattel mortgages are in every state regulated by special statutes.3 Insurance is a form of intangible personal property which has been rapidly growing in importance at the present time. The species of property is treated by itself in a later volume.1 1 See Chapter IX of Contracts (Vol. III), on discharge of Contracts. For further treatment of mortgages, see Real Property, Vol. Vol. V.-14 209 VI, subject 17; and Equity Jurisprudence, Vol. VII, Subject 20. 3 See statutes of the several states. See Vol. IX, Subject 28. |