CHAPTER 2

Personal Property and First Possession

    INTRODUCTION AND DEFINITIONS

Property falls into two broad categories: real property and personal property. (Intellectual property has some aspects of both.) Real property, real estate, or realty refers to land and the improvements attached to the land. Buildings, fences, and dams, for example, are included with land as real property. Personal property or personalty is all property other than real property. Automobiles, books, tables, clothes, computers, and corporate stock are examples of personal property.

  A fixture is personal property that has been perma

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