James Williams

“ In real property there can be nothing more than limited ownership, there can be no estate properly so called in personal property, and it may be held in complete ownership. There is nothing corresponding to an estate-tail in personal property; words which in real property would create an estate-tail will give an absolute interest in personalty. A life-interest may, however, be given in personalty, except in articles quae ipsa usu consumuntur. Limitations of personal property, equally with those of real property, fall within the rule against perpetuities. ”

“ Examples of property prima facie personal which is treated as real are fixtures, heirlooms, such as deeds and family portraits, and shares in some of the older companies, as the New River Company, which are real estate by statute. In ordinary cases shares in companies are personal property, unless the shareholders have individually some interest in the land as land. ”

“ Personal property is not subject to various incidents of real property, such as rent, dower or escheat. (3) On the death of the owner intestate real property descends to the heir, personal property is divided according to the Statute of Distributions. (4) Real property as a general rule must be transferred by deed; personal property does not need so solemn a mode of transfer. (5) Contracts relating to real property must be in writing by the Statute of Frauds, 29 Car. ”