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Personal property

Tangible- Perceptible by touch1, Clear and definite; real2.(tangibil,real)


Livestock-Farm animals regarded as an asset(eptel)
Chattel- a personal possession.

Personal property is generally considered property that is movable, as opposed


to real property or real estate. In common law systems, personal property may also be
called chattels or personality. In civil law systems, personal property is often
called movable property or movables any property that can be moved from one location
to another. This term is in distinction with immovable property or immovables, such as land
and buildings. Movable property on land, that which was not automatically sold with the
land, included for example a larger livestock(wildlife and smaller livestock like chickens, by
contrast, were often sold as part of the land). In fact the word cattle is the Old Norman variant
of Old French chatel (derived from Latin capitalis, of the head), which was once
synonymous with general movable personal property.
This kind of personality clasifies into:
Tangible personal property
Tangible personal property refers to any type of property that can generally be moved (i.e., it
is not attached to real property or land), touched or felt. These generally include items such as
furniture, clothing, jewelry, art, writings, or household goods. In some cases, there can be
formal title documents that show the ownership and transfer rights of that property after a
person's death (for example, motor vehicles, boats, etc.) In many cases, however, tangible
personal property will not be "titled" in an owner's name and is presumed to be whatever
property he or she was in possession of at the time of his or her death.
Intangible personal property
Intangible personal property or "intangibles" refers to personal property that cannot actually
be moved, touched or felt, but instead represents something of value such as negotiable
instruments, securities, service (economics), and intangible assets including chose in action.
The distinction between these types of property is significant for a variety of reasons.
Usually one's rights on movables are more attenuated than one's rights on immovables (or
real property). The statutes of limitations or prescriptive periods are usually shorter when
dealing with personal or movable property. Real property rights are usually enforceable for a
much longer period of time and in most jurisdictions real estate and immovables are
registered in government-sanctioned land registers. In some jurisdictions, rights (such as
a lien or other security interest) can be registered against personal or movable property.
The distinction between tangible and intangible personal property is also significant in some
of the jurisdictions which impose sales taxes. In Canada, for example, provincial and federal
sales taxes were imposed primarily on sales of tangible personal property whereas sales of
intangibles tended to be exempt. The move to value added taxes, under which almost all
transactions are taxable, has diminished the significance of the distinction.

Summary:
Personal property is generally considered property that is movable, as opposed to real
property or real estate. In common law systems, personal property may also be
called chattels or personality. In civil law systems, personal property is often
called movable property or movables any property that can be moved from one location
to another. This term is in distinction with immovable property or immovables, such as land
and buildings. Movable property on land, that which was not automatically sold with the
land, included for example a larger livestock(wildlife and smaller livestock like chickens, by
contrast, were often sold as part of the land).
Tangible personal property refers to any type of property that can generally be moved (i.e., it
is not attached to real property or land), touched or felt. These generally include items such as
furniture, clothing, jewelry, art, writings, or household goods.

Intangible personal property or "intangibles" refers to personal property that cannot actually
be moved, touched or felt, but instead represents something of value such as negotiable
instruments, securities, service (economics), and intangible assets including chose in action.
The distinction between these types of property is significant for a variety of reasons. Usually
one's rights on movables are more attenuated than one's rights on immovables (or real
property). Real property rights are usually enforceable for a much longer period of time and
in most jurisdictions real estate and immovables are registered in government-sanctioned land
registers.
The distinction between tangible and intangible personal property is also significant in some
of the jurisdictions which impose sales taxes.