Legal Definitions - Personal property

Personal property refers to any item of value that can be moved or is an intangible right, and it is not permanently attached to land or buildings. Essentially, it's anything you own that isn't real estate.

Here are some examples to illustrate this concept:

• A collection of antique books: These books are physical objects that can be picked up, moved, and transported. They are valuable and owned by a person, but they are not land or part of a building. Therefore, they are considered personal property.
• A savings account balance: While you can't physically touch a savings account balance, it represents a sum of money that you own and have a legal right to. This intangible asset has value and is not connected to real estate, making it a form of personal property.
• A custom-built bicycle: A bicycle is a movable item that you own. It can be ridden, stored, or transported anywhere. It is not permanently affixed to land or a structure, distinguishing it from real property. Thus, it is considered personal property.