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Personal property (Personalty)
All property other than real property. Personal property is distinct from real property in that it is moveable (not attached or affixed). Exceptions are made for trade fixtures or furniture, fixtures, and equipment (FFE), which can be attached, but are still considered personal property. Also known as personalty or chattels, personal property can be tangible (things or objects owned) or intangible (rights and relationships that are included in ownership). Tangible chattels include all objects that one owns, such as vehicles, clothing, houseplants, small appliances, etc. Examples of intangible chattels include patents, copyrights, royalties, and community property relationships. Transfer of personal property is done through a bill of sale, a will, intestate succession, or by court order (judgment).
Added: Fri Jan 06 2006
Last Modified: Tue May 20 2008
Related Terms
Bill of sale Bundle of rights Chattels Fixture Garnishment Hypothecate Life estate Normal wear and tear Real estate Real property Security agreement Trade fixture Personal property (Personalty) Lumber Furniture, fixtures, and equipment (FF&E)Have something to add? How useful is this Landterm? Bookmark this term
