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Personal Property

Personal property is everything that can be owned other than real estate and can include tangible and intangible items. Items to consider under personal property include ownership rights; lost, misplaced, and abandoned property; gifts of personal property; and stolen personal property.

Concept Review:

Personal property includes a variety of different items. Personal property can be owned by one person or several different people. Depending on the type of ownership, the divisional rights change. At times, personal property can be lost, misplaced, or abandoned. Understanding the requirements of the individuals who find these items is crucial.

Case:

Read the mini case and answer the questions that follow by using the best answer.

Report:

The state fair was coming to town. In preparation for the big event, vendors who planned on showcasing their items were already in the process of setting up$.$ David Ray rented out four booths to display his large inventory of workout equipment. At night, he stored his equipment in a trailer parked in an open parking lot at the state fair with the other vendors. The fair charges $$10$ a night to park there. Upon his return the next morning, Ray realized his trailer had been stolen. The estimated loss totaled $$200,000.$