Personal Property Legal Meaning and Definition

Here is a simplified definition of the legal term Personal Property.

Personal Property (noun)

Personal property refers to items that are movable and owned by an individual or a corporation. Unlike real property, which involves land and buildings, personal property can include cars, furniture, animals, jewelry, and other tangible assets. This term does not usually cover immovable assets, money, or investments. Sometimes, it is also referred to as 'personalty'.