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Personal Property

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Definition:

Personal property is property owned by an individual or business which is movable and 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 example, 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.

Tangible personal property is personal property that can be felt or touched. Tangible personal property includes furniture, business equipment, vehicles, household goods, collectibles, and jewelry.

Intangible personal property is personal property that cannot be felt or touched. Intangible personal property includes securities, bonds, CD's, and other intangible assets. Intellectual property - patents, copyrights, trademarks/service marks - is considered personal property because it can be bought and sold or licensed.

 

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