Personal Property And Securities Act In Illinois
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No person shall operate a warehouse or engage in the business of storing personal property for a compensation, or hold himself out as being in the storage or warehouse business, or as offering storage or warehouse facilities, or advertise for, solicit or accept personal property for storage, without a license issued by ...
The Personal Information Protection Act became effective January 1, 2006. The law requires “data collectors” that own or licenses personal information for any Illinois resident to notify the Illinois resident if there has been any “breach” in the “data collectors” computer systems.
“Tangible personal property” exists physically (i.e., you can touch it) and can be used or consumed. Clothing, vehicles, jewelry, and business equipment are examples of tangible personal property.
Personal-use property is not purchased with the primary intent of making a profit, nor do you use it for business or rental purposes.
What is the Personal Information Protection Act? PIPA was introduced to protect Illinois residents from the mishandling, misuse, or abuse of their personal information. The act imposes a variety of requirements on companies and other organizations that collect, handle, or store non-public personal information.
Personal Property Personal belongings such as clothing and jewelry. Household items such as furniture, some appliances, and artwork. Vehicles such as cars, trucks, and boats. Bank accounts and investments such as stocks, bonds, and insurance policies.
Personal Property - Any property other than real estate. The distinguishing factor between personal property and real property is that personal property is movable and not fixed permanently to one location, such as land or buildings.
Personal use property is used for personal enjoyment as opposed to business or investment purposes. These may include personally-owned cars, homes, appliances, apparel, food items, and so on.
In general, Illinois civil statutes of limitations or statutes of repose are two years for the injured person and five years for injury to personal property.
