Legal Definitions - personalty

Personalty refers to any property that is movable and not permanently attached to land or buildings. It encompasses all possessions that are not considered "real property," which includes land and anything permanently affixed to it. Essentially, if an item can be picked up, moved, or transferred without damaging land or a structure, it is generally classified as personalty.

Here are some examples to illustrate this concept:

• Example 1: A Collection of Art

  Imagine a person owns a valuable collection of paintings and sculptures displayed in their home. These artworks are considered personalty because they are movable items. They can be taken down, transported, sold, or bequeathed to heirs without altering the physical structure of the house itself.

• Example 2: A Business's Inventory and Equipment

  A small electronics store owns a stock of televisions, laptops, and smartphones for sale, along with display shelves, cash registers, and computers used for operations. All these items—the inventory and the business equipment—are classified as personalty. They are not permanently affixed to the store's building and can be moved, sold, or replaced as needed.

• Example 3: A Bank Account and Investment Portfolio

  A person's savings held in a bank account, along with their investments in stocks, bonds, or mutual funds, represent forms of intangible personalty. Although these are not physical objects you can touch, they are valuable assets that are not tied to real estate. They can be transferred, withdrawn, or traded independently of any land or building ownership.