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Personal property is property that is movable. [1] In common law systems, personal property may also be called chattels or personalty . In civil law systems, personal property is often called movable property or movables —any property that can be moved from one location to another.
In common law, real property (immovable property) is the combination of interests in land and improvements thereto, and personal property is interest in movable property. Real property rights are rights relating to the land. These rights include ownership and usage.
However, some property, despite being physical in nature, is classified in many legal systems as intangible property rather than tangible property because the rights associated with the physical item are of far greater significance than the physical properties. Principally, these are documentary intangibles.
The division of property into real and personal represents the division into immovable and movable incidentally recognized in Roman law and generally adopted since. "Things personal", according to Blackstone, "are goods, money, and all other movables which may attend the owner's person wherever he thinks proper to go" (Comm. ii. 16).
Personal property is a type of property. In the common law systems personal property may also be called chattels. It is distinguished from real property, or real estate. In the civil law systems personal property is often called movable property or movables – any property that
English law has retained the common law distinction between real property and personal property, whereas the civil law distinguishes between "movable" and "immovable" property. In English law, real property is not confined to the ownership of property and the buildings sited thereon – often referred to as "land".
Property is broadly classified into the following categories: Immovable Property (excluding standing timber, growing crops, and grass) Movable Property (Like watch,timber) The Interpretation of the Act, says "Immovable property does not include standing timber, growing crops or grass". Section 3(26), The General Clauses Act, 1897, defines ...
(a) movable or immovable property of great importance to the cultural heritage of every people, such as monuments of architecture, art, or history, whether religious or secular; archaeological sites; groups of buildings which, as a whole, are of historical or artistic interest; works of art; manuscripts, books and other objects of artistic ...