- Personal Property
- A type of property which, in its most general definition, can include any asset other than real estate. The distinguishing factor between personal property and real estate is that personal property is movable. That is, the asset is not fixed permanently to one location as with real property such as land or buildings. Examples of personal property include vehicles, furniture, boats, collectibles, etc.
Also known as "movable property", "movables" and "chattels".
It's tough to have a precise definition for "personal property" as it is very much a legal term. The concept is perhaps best understood with a comparision to real property. Under common law systems it is possible to place a mortgage upon real property. Because the lender has rights to the property it makes the extension of credit relatively safe and easy. After all, it's tough to flee the country with your house. On the other hand, it's tougher for a creditor to secure personal property. While common law systems do allow liens to be placed on personal property (such as vehicles) to protect the rights of creditors, there is obviously much more risk that the debtor simply drives away with the collateral if fleeing the country.
Investment dictionary. Academic. 2012.
Look at other dictionaries:
personal property — see property Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. personal property … Law dictionary
Personal property — Personal Per son*al (p[ e]r s[u^]n*al), a. [L. personalis: cf. F. personnel.] 1. Pertaining to human beings as distinct from things. [1913 Webster] Every man so termed by way of personal difference. Hooker. [1913 Webster] 2. Of or pertaining to a … The Collaborative International Dictionary of English
personal property — Assets, such as cars, stock, furniture, etc., that is not real estate or affixed to real property. (Bankruptcy in Brief) Property that is not real property; things moveable, also known as chattels. (Dictionary of Canadian Bankruptcy Terms) United … Glossary of Bankruptcy
personal property — ► NOUN Law ▪ all of someone s property except land and buildings. Compare with REAL PROPERTY(Cf. ↑real property) … English terms dictionary
personal property — n. any property that is not real property and that is movable or not attached to the land … English World dictionary
Personal property — For other uses, see Personal property (disambiguation). Property law … Wikipedia
personal property — In broad and general sense, everything that is the subject of ownership, not coming under denomination of real estate. A right or interest in things personal, or right or interest less than a freehold in realty, or any right or interest which one … Black's law dictionary
personal property — Defined by law to be all property that is not real property. Further classified in Article 9 of the Uniform Commercial Code into various categories. American Banker Glossary Any assets other than real estate. Bloomberg Financial Dictionary * * *… … Financial and business terms
personal property — All property that is not real estate (i.e., all property other than land and the fixtures that are permanently attached to it). Cars, bank accounts, shares, wages, a small business, furniture, insurance policies, jewelry and patents are… … Business law dictionary
personal property — Money, goods, and movable chattels. Ralston Steel Car Co. v Ralston, 112 Ohio St 306, 147 NE 513, 39 ALR 334. Goods, chattels, things in action, evidences of debt, and money. All objects and rights which are capable of ownership except freehold… … Ballentine's law dictionary