Personal Property Research Paper

Personal Property Research Paper
While thinking about personal property, a majority of American citizens and others from all across the globe usually tend to bend its actual definition. It seems that personal property is a perpetual idea such that people are not aware that it is truly a personal property. According to McFarlane et al (2020), “personal property is anything apart from land that might be subjected to ownership.” Therefore, personal property can be most commonly defined as a moveable property or belongings exclusive of land and buildings. That means that the key feature of personal properties is that it is movable, unlike the real estates or real properties. Two primary types of personal properties exists: intangible and tangible physical properties. Intangible property is a type of personal property which cannot be handled physically, for example, trust funds and stock accounts. On the other hand, tangible personal property is one that can be handled physically, for example, furniture, clothes, shoes, jewelry, and numerous other types of physical properties. Apart from the types of personal property, the classification of property can be done in terms of ownership too and both real and personal property can be either public or private. Private property ownership is done by an individual or something else apart from the government. For example, the ownership of private property can be done by partnerships, corporations, and individuals. Examples of private property include: computers, automobiles, and furniture. On the other hand, public property is that type of property which is owned by the government and can also include personal property, for example, owned computers, furniture, and automobiles by local or state governments. 
Looking at various misconceptions about personal property as well as developing an understanding of various examples from real life situations can play a significant role in helping clear up the confusion that normally exists about personal property. In most cases, there is a tendency of personal property to receive protection from certain insurance forms. Practically, that insures the property belonging to someone from unforeseen circumstances, for example, damage, vandalism, loss, theft, and numerous other types of perils. A policy that is very popular known as HO3 covering much of what has been earlier states. In the particular policy, damage or accidental losses is not covered necessarily and in case of the arising of a situation, it might be somehow confusing. For example, fine art breakage in a home cannot at all be covered since it can be considered to be a breakage caused by an accident. Another personal property portion develops with an understanding of what personal property rights really is. That is inclusive of peaceful property possession against any individual apart from the superior owner, recovery rights for any property that has been taken, and recovering of the damages against any wrongdoer. 

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