Personalty Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Personalty, written in plain English, along with examples of how it is used.
What is Personalty?
n.It is personal property and not real property,money or investments.Movable assets like care,furniture,jewellery,animals ets come under personalty.
History and Meaning of Personalty
Personalty is a legal term used to refer to moveable personal property such as cash, furniture, jewelry, or other movable assets. It is characterized by its ability to be touched and moved, in contrast to immovable property such as real estate. It's an essential part of property law and inheritance, and the classification of assets as personalty or realty has significant legal implications.
In earlier times, property law used to be divided into two main categories, "real" and "personal" and the term "personalty" was used to describe the latter category. With the evolution of property law, the definition of "personal property" expanded to include other types of property such as intellectual property.
Examples of Personalty
Examples of personalty include:
- Furniture and fixtures such as beds, wardrobes, tables, chairs, and other movable furnishings.
- Cash, bank accounts, and other liquid assets.
- Jewelry, watches, and other personal possessions, such as clothing and accessories.
- Livestock and other animals that are kept for commercial or personal use.
- Intellectual property such as copyrights, patents, and trademarks.
Legal Terms Similar to Personalty
Related terms in property law include realty, personal property, fixtures, and chattels. Realty refers to immovable property such as land and buildings, while personal property is movable property that is not affixed to the land. Fixtures are items that were once personal property but have become part of the real property, such as a built-in bookshelf or a light fixture. Chattels are usually used synonymously with personalty, and describe personal property that is tangible and moveable.