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PERSONAL PROPERTY personal property. 1.

Any movable or intangible thing that is subject to ownership and not classified as real property. — Also termed personalty; personal estate; movable estate; (in plural) things personal. Cf. real property. [Cases: Property 4. C.J.S. Property §§ 14–21, 23.] 2.Tax. PERSONALTY personalty (p<<schwa>>rs-<<schwa>>n-<<schwa>>l-tee). Personal property as distinguished from real property. See personal property (1) under PROPERTY. [Cases: Property 4. C.J.S. Property §§ 14–21, 23.] quasi-personalty. Things that are considered movable by the law, though fixed to real property either actually (as with a fixture) or fictitiously (as with a lease for years). Property not used in a taxpayer's trade or business or held for income production or collection. [Cases: Taxation 67. C.J.S. Taxation §§ 114, 120, 122, 125, 129–130.] “ ‘[P]ersonal property’ includes ... everything except real property. It includes credits, savings-bank deposits, notes, bonds, the proceeds arising from the sale of realty, and the right to a certificate in foreclosure, the time of redemption having passed.” 3 William Herbert Page, A Treatise on the Law of Wills § 964, at 44–45 (1941). private property. Property — protected from public appropriation — over which the owner has exclusive and absolute rights. real property. Land and anything growing on, attached to, or erected on it, excluding anything that may be severed without injury to the land. • Real property can be either corporeal (soil and buildings) or incorporeal (easements). — Also termed realty; real estate; fast estate. Cf. personal property (1). [Cases: Property 4. C.J.S. Property §§ 14–21, 23.] “Historically, the line between real and personal property stems from the types of assets administered on death respectively, in the king's and in the church's courts. The king's courts, concerned with the preservation of the feudal structure, dealt with fees simple, fees tail and life estates. Estates for years, gradually evolving out of contracts made by feudally unimportant persons, clearly became interests in land but never fully attained the historical dignity of being ‘real property.’ The early economic unimportance of money, goods and things other than land permitted the church courts to take over the handling of all such assets on the death of the owner. When the development of trade and of capitalism caused assets of these types to assume great, and sometimes paramount, importance we found ourselves with the two important categories of property, namely ‘real’ and ‘personal’ property, each with its set of rules evolved from a different matrix. The pressure of modern society has been strongly for assimilation and the resultant elimination of this line, but this movement is far from complete attainment of its goal.” 1 Richard R. Powell, Powell on Real Property § 5.04, at 5–7 to 5–8 (Patrick J. Rohan ed., rev. ed. 1998). scheduled property. Insurance. Property itemized on a list (usu. attached to an insurance policy) that records property values, which provide the basis for insurance payments in the event of a loss under an insurance policy. [Cases: Insurance 2169.]