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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