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LSDefine
Simple English definitions for legal terms
Personal property
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A quick definition of Personal property:
Personal property refers to things that can be moved and owned by a person. It can be something you can touch, like a toy or a book, or something you can't touch, like a patent or a trademark. Personal property is different from real property, which includes land and buildings.
A more thorough explanation:
Personal property
Personal property refers to anything that can be owned by a person and is not considered real estate. It can be a physical object or something intangible that has value.
- Cars, furniture, and jewelry are all examples of physical personal property.
- Intellectual property, such as patents, copyrights, and trademarks, are examples of intangible personal property.
These examples illustrate the definition of personal property because they are all things that can be owned by an individual and are not considered real estate. They are movable and can be bought, sold, or transferred to another person.