Personal property includes all movable and tangible things that are not real property—such as money, goods, furniture, motor vehicles, animals, stocks, bonds, patents, copyrights, merchandise, and personal annuities.
In Arkansas, personal property is defined as property that is not attached to or associated with land. This includes items that are movable and tangible, such as money, goods, furniture, motor vehicles, animals, stocks, bonds, patents, copyrights, merchandise, and personal annuities. Arkansas state statutes and regulations govern various aspects of personal property, including but not limited to, the assessment and taxation of personal property (Arkansas Code Title 26), the treatment of personal property in cases of bankruptcy, and the rules for the transfer of personal property. For instance, personal property taxes are assessed annually by county assessors and are based on the value of the property. Additionally, personal property can be subject to liens, security interests, and other forms of encumbrance. It is important for individuals and businesses to understand their rights and responsibilities regarding personal property, and they may consult an attorney for legal advice specific to their situation.