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.

It is worth noting that, though different, personal property can be converted into real property.

Personal properties can be acquired via purchase, production, gifts, or in certain situations, such as finding something that was lost or stolen. These are acquired through bailments which are arrangements that are legal in nature. These allow the possessor of a certain property to leave the same with someone else who may agree to hold it and return it if the original possessor demands it.

FAQ About Personal Property

All

Are private and personal properties the same?

Personal properties are non-capital goods or services, whereas private properties include means of production or capital.

What is the difference between personal property and real property?

One of the major differences between the two is that real property is something that is immovable. However, personal property is not affixed to the ground.

Can a person secure his/her real property with personal property?

Yes. One can secure real property with personal property, for example, securing a house with a house loan. Here house is real property and house loan is a personal property.