This form is a contract for the lease of personal property. The lessor demises and leases to the lessee and the lessee takes and rents from the lessor certain personal property described in Exhibit "A".
Personal Property And Securities Act In Salt Lake
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Multi-State
County:
Salt Lake
Control #:
US-00123
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FAQ
The Personal Property Security Act (PPSA) provides a comprehensive set of rules to govern the rights of creditors and debtors when personal property is used as collateral to secure a debt.
The PPSA applies to security interests in relation to personal property. Understanding the PPSA therefore starts with understanding these two concepts. Where a security interest in personal property exists, there can be important consequences if the secured party fails to take steps to protect its interest.
The Personal Property Securities Act, commonly called the PPSA, now regulates personal property security interests in Australia. Before its implementation in 2009 there were over 70 pieces of legislation throughout the federal and state governments which determined the rights of creditors and debtors.
The single most important purpose of the PPSA is to determine the priority of creditor claims in default or sale situations. Very generally, priority among secured creditors is determined by the order in time in which they “perfected” their interests.
Importantly, section 67 is noted to apply to “consumer goods”, which are defined under the act as “goods that are used or acquired for use primarily for personal, family or household purposes”. Furthermore, section 56(3) of the PPSA states that “…
How the PPSA benefits you. The Personal Property Securities Act protects against the loss of equipment or goods when a customer goes bust. There's no reason to accept bad debt as an inevitable part of doing business.
The Utah State Tax Commission defines tangible personal property as material items such as watercraft, aircraft, motor vehicles, furniture and fixtures, machinery and equipment, tools, dies, patterns, outdoor advertising structures, and manufactured homes.
The fair market value of a residential property can be calculated by comparing the recent sale prices of similar homes in the neighborhood. Utilizing the services of a professional home appraiser is the most accurate way of calculating the fair market value of a home.
To calculate the assessed value when a local government uses such a percentage, you'll have to take the property's fair market value and multiply it by the chosen percentage. Some states also offer exemptions for a portion of your property's value.
Assessed value = Property tax bill x (100 / Tax rate) Example: If your property tax bill is $3,400 and your county's department of finance tells you the real-estate tax rate is 1%, you can see that your assessed value is $340,000.