Definition:
Personal property is property owned by an individual or business which is not affixed to or associated with the land. Basically, personal property is everything except real property. Personal property for a business would include equipment, office furniture and equipment, cars/trucks purchased and used by the business, and, basically, everything that isn't "nailed down."
In other words, personal property is movable, while real property is not. Because of the mobile nature of personal property, it is more difficult for a credit to use personal property to secure a loan. For examaple, if a bank loans money on a building, it can be sure that the building will not be moved. But if a bank loans money on the car, the car can be driven away.
