What Is The Legal Definition Of Personal Property?

What is legally considered personal property?

The legal definition of personal property is “anything besides land that may be subject to ownership”.

Thus, the main characteristic of personal property is that it is movable, unlike real property or real estate.

There are two basic types of personal property: tangible and intangible.

Personal property that can be felt or touched. Examples include furniture, cars, jewelry, and artwork. In contrast, cash and checking accounts are not tangible personal property. The law is unsettled as to whether computer data is tangible personal property. Compare: intangible property.

What are examples of personal property?

Personal property is something that you could pick up or move around. This includes such things as automobiles, trucks, money, stocks, bonds, furniture, clothing, bank accounts, money market funds, certificates of deposit, jewels, art, antiques, pensions, insurance, books, etc.

What is the difference between private and personal property?

Personal property is that which you clearly own through use and occupancy. Private property is that which you clearly don’t own through use and occupancy, but by the magic of the state still own.