Property, generally speaking, is a word of different meanings.
It may mean a ‘thing’ owned by you, ‘my’ watch ‘my’ house is ‘my’ property.
It may mean ‘ownership’ itself as when I speak of ‘my’ property, in ‘my’ watch which may pass to the person to whom I sell the watch before I actually hand the watch over.
The rules as to the ‘passing of property’ as set out, in many examples, in the Sale of Goods Act.
Or it may mean an ‘interest’ in a thing less than ownership but nevertheless conferring certain rights, as when we speak of the ‘property’ or ‘special property’ of a bailee in the thing bailed.
In English Law, property comprehends ‘tangibles and intangibles’ also ‘movables and immovable’.
Herein, it means a tangible thing (land or a chattel) itself, or rights in respect of that thing, or other rights, such as debt, in relation to which no tangible thing exists.
When we refer to property in law (English Law as example), it is either ‘real property’ or ‘personal property’.
Primarily, real property means freehold land and most other kinds of property are to be taken as personal property.
Personal property is a formless subject. For practical purposes, many say that the only true modern definition of personal property is the one that is not real property. We no longer have the comfort of the rule ‘real property goes to the heir, personal property to the executor’.
While land is considered as real property, however, it has become less and less important, whereas on the other side, personal property had its limits extended by natural development to include those forms of property such as stocks and shares which now dominate our trade, business activities and the economy.
Earlier, owners of big lands were the leaders in the economy and society. Today personal property has outgrown real property in scope and importance.
Generally, it includes rights covering many topics as sale of goods, negotiable instruments, ownership in companies, insurance claims, patents, trademarks, copyrights, pledges and so on.
Accordingly it is very important for anyone to know how title to personal property is acquired or lost.
Personal property, is changeable and could cover more rights in future, whereas real property is almost standing the same, as always.
Are you aware of your valuable personal property? Look around.