Generally speaking, personal property includes all property that is not land (or permanently affixed to land). For example, personal property includes the following:
- Movable goods like motor vehicles, equipment, tools, appliances, furnishings and jewelry
- Various forms of money, investments, receivables and proceeds
- Temporary rights in land and goods such as leases
- Land-related goods like crops, minerals, and fixtures
- Intangibles such as intellectual property
In PPSA and PPRS, personal property is typically collateral that is the subject of a security interest. For example, the car that is collateral to secure a car loan. Because the car has been offered as collateral, we call the loan "secured". If there were no collateral, we would refer to the loan as "unsecured"
As a primary subject within PPRS, "personal property" is explicitly defined within each jurisdiction’s Personal Property Security Act (PPSA). The Act’s terms and definitions cover not only the various categories of personal property, but also changes affecting personal property such as movement between jurisdictions, changes in ownership, and proceeds from sales. To fully understand personal property in PPRS, consult your PPSA.