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property

n. anything that is owned by a person or entity. Property is divided into two types: "real property," which is any interest in land, real estate, growing plants or the improvements on it, and "personal property" (sometimes called "personalty"), which is everything else. "Common property" is ownership by more than one person of the same possession. "Community property" is a form of joint ownership between husband and wife recognized in several states. "Separate property" is property owned by one spouse only in a community property state, or a married woman's sole ownership in some states. "Public property" refers to ownership by a governmental body such as the federal, state, county or city governments or their agencies (e.g. school or redevelopment districts). The government and the courts are obligated to protect property rights and to help clarify ownership.

See also: common property  community property  personal property  personalty  public property  real property  separate property 

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The People's Law Dictionary by Gerald and Kathleen Hill Publisher Fine Communications

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