What are “personal effects” for purposes of the “household goods” definition?
The term “personal effects” is to be narrowly construed and is limited to those items that an individual would ordinarily carry about on his or her person and possessions of a uniquely personal nature. This includes items such as personal papers, family photographs, or a family Bible. It does not include musical instruments, typewriters, firearms, bicycles, smowmobiles, cameras and camera equipment, sporting goods, and stamp and coin collections. Q12(d)-4: Appliances as fixtures. What happens when appliances are considered “fixtures” under state law? Do they still come within the “household goods” definition? A: No. Under some state laws, appliances are considered fixtures, and, as such, they become part of the realty. A bank that takes a security interest in realty in such cases would not violate the rule’s prohibition against taking a security interest in household goods. 12(e) “Obligation” Q12(e)-1: Transactions over $25,000. Is a credit transaction exceeding $25,000 excluded from t
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