Also known as: personal assets · personal property · personalty
Written by attorneys · grounded in primary & secondary sources — see below
Tangible or intangible movable property owned by a person or entity that is capable of possession and has value. The category excludes real property and its fixtures.
Preston Pratt left his laptop and printer in a shared workspace overnight. A coworker carried the items out of the building intending never to return them. Because the laptop and printer are tangible personal assets capable of possession and having value, the taking satisfies the elements of common-law larceny.
Philip Powell's cargo vessel docked in a U.S. port. Federal agents seized several containers and navigation equipment suspected of smuggling use without prior notice. The containers and equipment qualify as movable personal assets that may be seized before a hearing when justified by the risk of removal or destruction.
Select any source to read its text and confirm it supports the definition.
Perry Pratt granted a security interest to Pinnacle Holdings. The financing statement described the collateral simply as all of Perry's personal property. The description fails to reasonably identify the collateral under the rule that a blanket reference to all personal assets is insufficient.
Pierce Patterson held identified artwork belonging to Portia Price under a contract to transfer it. Portia manifested assent to release Pierce from the delivery obligation. The duty concerning the personal asset is discharged without consideration once the manifestation occurs.
Pamela Phillips died leaving jewelry and bank accounts. The personal representative demanded delivery of the jewelry from an heir. The jewelry constitutes a personal asset that the representative may take into possession when necessary for administration of the estate.
Progressive Healthcare's board authorized purchase of diagnostic machines and office furniture. The statute grants corporations power to acquire and hold real or personal property. The machines and furniture are personal assets the corporation may own and use in its operations.
No. A description of collateral as all the debtor's personal property does not reasonably identify the collateral. The financing statement must use a more specific method that objectively determines the identity of the assets.
Due process permits seizure of movable personal assets before a hearing when the property can be quickly removed, hidden, or destroyed. Prompt post-seizure notice and an opportunity to contest the forfeiture must still be provided.
The personal representative may take possession or control of the decedent's personal assets when necessary for administration. Tangible personal property may be left with a presumptively entitled person unless the representative determines possession is required.
No. Real property and its fixtures cannot be the subject of larceny. Once severed and reduced to the landowner's possession as personalty, however, a later wrongful taking may constitute larceny.
…decision, as I shall endeavor to show, are these: — 1. A sovereign State must necessarily have such control over the real and personal property actually being within its limits, as that it may subject the same to the payment of debts justly due to its citizens. 2. This result is not altered by the circumstance that the owner of…