Date of Award
1992
Document Type
Thesis
Degree Name
Master of Valuation Sciences
Department
Business
First Advisor
Arlene Taich
Second Advisor
Richard Rickert
Third Advisor
Gary R. Trugman
Abstract
This thesis by Larry L. Perdue examines the legal classification of property, specifically focusing on fixtures and trade fixtures within valuation sciences. It delves into the complexities of distinguishing between real and personal property, especially in cases where items such as machinery or attachments are integrated into real estate but retain some characteristics of personal property. The author highlights the potential financial and legal implications of misclassification, including issues related to taxes, valuation in business appraisals, and lender security. Drawing from historical legal principles in English Common Law and American Common Law, Perdue discusses key tests used in property law to determine fixture status, including the annexation, adaptation, and intention tests. The thesis also explores various judicial interpretations and statutory definitions, emphasizing the inconsistent application of these tests and the challenges this creates for appraisers. Ultimately, Perdue argues for a more nuanced understanding of property classification to ensure accurate appraisals and informed financial decisions.
Recommended Citation
Perdue, Larry L., "Fixtures- "Personality" or "Reality?" Who Knows?" (1992). Theses. 1141.
https://digitalcommons.lindenwood.edu/theses/1141
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