Personal Property and Collectibles

Personal property is the property that is owned by an individual or business which is movable. That is, it is not a property that is affixed to or associated with the land. Personal property for a business would include equipment, office furniture and equipment, cars/trucks purchased and used by the business, and all objects that are movable. Because personal property is mobile in nature, it is more difficult for a credit to use personal property to secure a loan.

Personal property may be of two types.

• Tangible personal property
• Intangible personal property

Collectibles: Collectibles are rare and valuable physical assets such as art, stamps, antiques, books, sports cards and coins, acquired for their value as an investment. The value of these collectibles appreciates with the passage of time. Collectibles may take a long time to increase in value, and they offer no assurances as to their value in the future. Unlike other investments, collectibles offer no income, but the value of most collectibles increase in value along with inflation.

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