Tangible Personal Property
These are vehicles, equipment, inventory, phone systems, computers, bank accounts, stocks, bonds, paid-up insurance policies - items of value a person buys or comes into possession of by one means or another. Except for personal property that must be licensed, like vehicles and boats and airplanes, "ownership" of an item is usually determined by "possession". Proof of ownership may be a sales receipt or a canceled check or a bill of sale. Most everyone agrees: possession, especially long-term possession, is nine-tenths of the law. Check public records for property records and vehicle registration records to see what a person owns. Assets can be money in banks, stocks, bonds, that new car with no lien on it: anything that someone can attach. Your bedroom set, your living room furniture. Everything you own is an asset. Your $200,000 home is an asset. |
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