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What is Personal Property: Meaning, Types and Examples Explained
Possession of any movable property is classified as personal property. These movable items are even known as chattels in some instances. The kind of property is further classified into tangible and intangible items. These are concrete and abstract items, respectively. Examples of personal properties include appliances, life insurance, bank deposits, partnership interests, investment plans etc.
Keep reading to know more about this property in detail.
What Is Personal Property?
In other words, this type of property involves possessing anything that is subject to ownership, except land and things immovable. These properties are not affixed to or associated with the land. As aforesaid, this type of property, known as chattels, involves a law which covers possessions, stolen property, lost property, abandoned property and gifts.
What Are the Types of Personal Property?
Types of properties that are personal include the following two types:
- Tangible Property: These are properties which have a physical existence as these can be touched, used and consumed.
- Intangible Property: This property type includes things that do not have a physical existence.
What Are the Examples of Personal Property?
For a better understanding of the concept, you can consider the following examples of tangible and intangible personal properties.
1. Some examples of tangible properties are:
- Clothing
- Vehicles
- Jewellery
- Land
2. Examples of Intangible properties include examples:
- Patents
- Investments
- Copyrights
- Intellectual properties
- Digital assets.
