3. Law: Article, item, or thing owned with the rights of possession, use, and enjoyment, and which the owner can bestow, collateralize, encumber, mortgage, sell, or transfer, and can exclude everyone else from it. Two basic kinds of property are (1) Real (land), involving a degree of geographical fixity, and (2) Personal (anything other than real property) which does not involve geographical fixity. Personal property is subdivided into tangible property (any physical animate or inanimate object) and intangible property (intellectual property).
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