{"id":11787,"date":"2018-01-03T21:03:07","date_gmt":"2018-01-03T21:03:07","guid":{"rendered":"https:\/\/reunitethestates.org\/?page_id=11787"},"modified":"2018-06-06T15:14:30","modified_gmt":"2018-06-06T15:14:30","slug":"personal-property-any-movable-or-intangible-thing-that-is-subject-to-ownership-and-not-classified-as-real-property-i-e-money-goods-chattels-movables-a-right-of-action-evidence-of-debt-stock","status":"publish","type":"page","link":"https:\/\/reunitethestates.org\/?page_id=11787","title":{"rendered":"personal property – any movable or intangible thing that is subject to ownership and not classified as real property: i.e. money, goods, chattels, movables, a right of action, evidence of debt, stock, bond, mortgages"},"content":{"rendered":"

\u00a0\u00a0\u00a0\u00a0 This page is continued from Property<\/a>:<\/span><\/strong><\/p>\n

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personal property<\/span>:<\/span><\/span><\/strong>
\n (18c)<\/span><\/p>\n

1. Any movable or intangible thing that is subject to ownership and not classified as real property.<\/strong> \u2014 aka<\/span> personality<\/strong><\/em><\/span>; personal estate<\/strong><\/em><\/span>; movable estate<\/span><\/strong><\/em>; (in plural) things personal<\/strong><\/em>.<\/span><\/span><\/p>\n

2.<\/strong> Tax<\/em>. Property not used in a taxpayer’s trade or business or held for income production or collection.<\/strong> [1]<\/span><\/p>\n

1. Money, goods, and movable chattels,<\/span> Ralston Steel Car\u00a0 Co. v Ralston<\/em>, 112 Ohio St 306, 147 NE 513, 39 ALR 334<\/span>.\u00a0 <\/span><\/span><\/strong><\/p>\n

Goods, chattels, things in action, evidences of debt, and money.\u00a0 All objects and rights which are capable of ownership except freehold estates in land, and incorporeal hereditaments issuing thereout, or exercisable within the same.\u00a0<\/span> 42 Am J1st Prop \u00a7 23<\/span>.<\/span><\/span><\/strong><\/p>\n

\u00a0\u00a0\u00a0\u00a0 The ultimate test in determining what particular items pass under a testamentary gift of “personal property” is the intention of the testator.\u00a0 While it is clear that the term is sufficiently broad in its accepted technical significance to include all forms of property other than land or interests in land, if the testator intended that it should embrace so much, in a majority of cases the courts have, in view of the actual intention of the testator as disclosed by the language of the will and the circumstances surrounding its execution, construed the term as carrying a restricted rather than a broad signification.\u00a0 In some instances, it has been held that the term passed only personal or household effects.\u00a0 In other instances, the term has been construed as including only intangibles or as excluding certain kinds of tangible property, such as growing crops.<\/span>\u00a0 57 Am J1st Wills \u00a7 1339<\/span>.<\/span><\/strong> [2]<\/span><\/span><\/p>\n

1. All property other than real property (EXAMPLES: money; goods; chattels; movables; a chose in action; evidence of debt), including stock, bonds, or a mortgage.\u00a0 Personal property may be further categorized as corporeal property (or tangible property) and incorporeal property (or intangible property).<\/strong> [3]<\/span><\/p>\n

Types of Personal Property:<\/span><\/strong><\/p>\n