PERSONAL PROPERTY.The right or interest which a man has in things personal; it consists of things temporary and movable, and includes all subjects of property not of a freehold nature, nor descendable to the heirs at law.Things of a movable nature, when a right can be had in them, are personal property, but some things movable are not the subject of property; as light and air. 449; 2 Ves. The things may be tangible, such as Thus, the main characteristic of personal property is that it is movable, unlike real property or real estate. property. 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This is because this type of property usually does not increase in value over the years. If the couple divorces, the community property must be divided and distributed to the parties. This entry about Personal Property has been published under the terms of the Creative Commons Attribution 3.0 (CC BY 3.0) licence, which permits unrestricted use and reproduction, provided the author or authors of the Personal Property entry and the Encyclopedia of Law are in each case credited as the source of the Personal Property entry. 71; 1 Hill. Some “personal” property items may become real property, for instance, if an item is attached to a building or if materials are made into a gate or fence attached to the land. Do I Need a Lawyer for Help With Legal Definitions of Personal Property? Since arriving, Ken has worked with a wide assortment of talented lawyers, paralegals, and law students to grow LegalMatch's Law Library into a comprehensive source of legal information, written in a way that is accessible to everyone. (See: personalty). A bailment differs from a sale, which is an intentional transfer of ownership of personal property in exchange for something of value, because a bailment involves only a transfer of possession or custody not of ownership. LegalMatch, Market Examples include furniture, cars, jewelry, and artwork. Property includes not only money and other tangible things of value, but also any intangible right considered as a source or element of income or wealth. & C. 561; sed vide 9 B. In some instances, the early common law of England has been held to apply in the absence of a statute governing treasure trove. The legal definition of personal property is “anything besides land that may be subject to ownership”. February 23, 2015 by: Content Team Community property is a family law term used to refer to all of the personal and real property that a couple acquires during their marriage, which legally belongs to both spouses. possession, that is, in the actual enjoyment of the owner, or, in action, The U.S. law governing treasure trove has, for the most part, been merged into the law governing lost property. When the purpose for which the property has been delivered has been accomplished, the property will be returned to the bailor or otherwise disposed of, according to his instructions. 2000. 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