Question

What are the underlying reasons for the law to continue to make distinctions between real and personal property, intangible and tangible property

Answer 1

Answer:

In trying to made distinction between the real and personal property as the law provided, there is need to define both terms.

Real properties are those properties that can not be move from one place to another, I.e, they are immovable. Example of such property is land and the building constructed on it or agricultural practices on a particular land. In some textbooks, they are regarded as fixed asset such as a manufacturing plants which are in most cases not likely to be removable after the foundation as been laid due to the heaviness of the machines.

While

Personal property are those properties that are movable and example of such is money.

So, in both properties, the nature of use and level of controls the owner have over them differs and that is why the law provided specific rules and regulations over their ownership, possession and or transferrability. As for Real Properties, the law is very strict about it since it is a rigid property and its transferrability requires deed of agreement which much must be signed by witnesses from all parties involves and registered at the deed registry. The law also provides very strict tax regulations on landed property. As for the personal property, the regulation on it is less compare to that of real since it's movable and can be asset by the owner at any time and transfer of ownership is flexible. So, the law will continue to make distinction between these two types of property as they requires different regulations and their level of control differs.

Also for the tangible and intangible property, the law will continue to make distinction between them since one can be seen and the other can't.

Tangible properties are those properties that can be seen, touch, and physically acquired or taken into possession. Example is land, Building or workshop, Automobile. e.t.c

While,

Intangible properties are those properties that can not seen physically but exist on papers. Their impact can only be felt. Example of such properties are intellectual properties that are backed by copyrights, Academic presentations protected from plagiarism, checks and certificates of deposits.

From their definition, it is important to state that law will continue to make distinction between them since the control of ownership differs.