Personal Property

Everything that is the subject of ownership that does not come under the denomination of real property; any right or interest that an individual has in movable things.

Personal property can be divided into two major categories: (1) corporeal personal property, including such items as animals, merchandise, and jewelry; and (2) incorporeal personal property, comprised of such rights as stocks, bonds, PATENTS, and copyrights.

Gifts

A gift is a voluntary transfer of personalty from one individual to another without compensation or consideration or the exchange of something of value. There are two main categories of gifts: inter vivos gifts, a voluntary, unconditional transfer of property between two living persons without consideration, and causa mortis, one that is made by a donor in anticipation of imminent death. The three requirements of a valid gift are delivery, donative intent, and acceptance.