Property is any physical or intangible entity that is owned by a person or jointly by a group of people or a legal entity like a corporation. Depending on the nature of the property, an owner of property has the right to consume, sell, rent, mortgage, transfer, exchange or destroy it, or to exclude others from doing these things.
Important widely recognized types of property include real property (the combination of land and any improvements to or on the land), personal property (physical possessions belonging to a person), private property (property owned by legal persons or business entities), public property (state owned or publicly owned and available possessions) and intellectual property (exclusive rights over artistic creations, inventions, etc.), although the latter is not always as widely recognized or enforced. A title, or a right of ownership, establishes the relation between the property and other persons, assuring the owner the right to dispose of the property as the owner sees fit.
Famous quotes containing the word property:
“A few days later the younger son gathered all he had and traveled to a distant country, and there he squandered his property in dissolute living.”
—Bible: New Testament, Luke 15:13.
“We do not deride the fears of prospering white America. A nation of violence and private property has every reason to dread the violated and the deprived.”
—June Jordan (b. 1939)
“By rendering the labor of one, the property of the other, they cherish pride, luxury, and vanity on one side; on the other, vice and servility, or hatred and revolt.”
—James Madison (17511836)