Personalty

Personalty, also known as personal property, refers to any movable property that is not affixed to land or real estate. It includes items such as cash, furniture, vehicles, and other tangible objects.
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Definition

Personalty, commonly referred to as personal property, involves any property that can be moved and is not fixed to one location like real estate. Unlike real property, which comprises land and buildings, personalty includes virtually everything else that can be owned, such as cars, electronics, clothing, and household goods.

Personalty can be divided into two categories:

  • Tangible Personalty: Physical objects that can be touched and moved, including machinery, vehicles, and furniture.
  • Intangible Personalty: Non-physical items, such as patents, trademarks, stocks, and bonds.

Examples of Personalty

  1. Vehicles: Cars, motorcycles, boats, and airplanes.
  2. Household Items: Furniture, appliances, electronics, and clothing.
  3. Business Equipment: Machinery, office desks, computers, and inventory.
  4. Financial Instruments: Stocks, bonds, promissory notes, and other paper investments.
  5. Intellectual Property: Patents, trademarks, copyrights, and domain names.

Frequently Asked Questions (FAQs)

Q1: How is personalty different from real property?

  • Personalty refers to movable items, while real property pertains to land and anything permanently attached to it.

Q2: Can personalty be converted to real property?

  • Yes, through affixation. For example, if you install a built-in appliance permanently into your home, it may become part of the real property.

Q3: What kind of taxes apply to personalty?

  • Personal property can be subject to sales tax, personal property tax, or capital gains tax, depending on the jurisdiction and type of property.

Q4: How is personalty protected under the law?

  • Personalty laws ensure that personal property rights are recognized and protected. These include theft laws, tort laws, and intellectual property laws, among others.

Q5: Is personalty insurable?

  • Yes, specific insurance products, such as personal property insurance or car insurance, are available to cover personalty.
  • Real Property: Land and anything permanently affixed to it, such as buildings and structures.
  • Chattel: A legal term synonymous with personalty, referring to movable property.
  • Fixtures: Items once classified as personalty that are now affixed and considered part of the real property.
  • Intangible Property: Non-physical assets such as stocks, bonds, and intellectual property.

Online References

Suggested Books for Further Studies

  1. “Personal Property Law” by Michael Bridge
  2. “Understanding Property Law” by John G. Sprankling
  3. “Principles of Personal Property Law” by Sarah Worthington
  4. “Personal Property Securities Law” by Hugh Beale
  5. “Black’s Law Dictionary” by Bryan A. Garner

Fundamentals of Personalty: Property Law Basics Quiz

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