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- Original (As enacted)
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(1)Property is all property wherever situated and includes—
(a)money;
(b)all forms of real or personal property;
(c)things in action and other intangible or incorporeal property.
(2)The following rules apply in relation to property—
(a)property is held by a person if he holds an interest in it;
(b)property is obtained by a person if he obtains an interest in it;
(c)property is transferred by one person to another if the first one transfers or grants an interest in it to the second;
(d)references to property held by a person include references to property vested in his trustee in bankruptcy, permanent or interim trustee (within the meaning of the Bankruptcy (Scotland) Act 1985 (c. 66)) or liquidator;
(e)references to an interest held by a person beneficially in property include references to an interest which would be held by him beneficially if the property were not so vested;
(f)references to an interest, in relation to land in England and Wales or Northern Ireland, are to any legal estate or equitable interest or power;
(g)references to an interest, in relation to land in Scotland, are to any estate, interest, servitude or other heritable right in or over land, including a heritable security;
(h)references to an interest, in relation to property other than land, include references to a right (including a right to possession).
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Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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