Personal property can be both tangible and intangible. Examples:
• Movable property which includes things you can touch, such as furniture, a car, or a computer;
• Claims and debts such as accounts receivable (choses in action); and
• Intangible property, such as copyrights, patents, and trademarks.
Personal property does not include rights in real property (i.e., land, things embedded in land, such as gasoline tanks, and things attached to the land, such as buildings).
Title to personal property can be acquired in different ways:
• Acquiring by purchase is probably the most common way we think of when acquiring title to personal property;
• Finding lost property;
• Occupation (i.e., taking and retaining property); and
• Escheat (i.e., to the state).
The following form is a gift to a charitable organization. A gift involves transferring title by voluntary action of the owner without receiving anything in exchange. In other words, a gift of property is a:
• passing of title;
• made with the intent to pass title;
• without receiving money or value in consideration for the passing of title.
Gifts can be classified as:
• Inter vivos gifts;
• Gifts causa mortis (i.e., in contemplation of death);
• Gifts and transfers to minors;
• Conditional gifts; and
• Anatomical gifts.
The donor is the person making the gift, and the donee is the person receiving the gift. An inter vivos gift is what we normally think of as a gift between two persons. An inter vivos gift is made if a donor intends to convey all rights to the property at the present time and delivers the property to the donee. The gift takes effect upon the donor's intent to transfer ownership and making delivery. The donee can refuse the gift. If there is no acceptance, the gift is not complete.