Property

Property, social concept and legal term indicating the ownership of, or the right to enjoy, something of value; it may also be an interest in something owned by another. Under some systems such as feudalism or communism, ownership of some or all kinds of property is vested not in the individual, but in the state or its head. The U.S. Constitution establishes the individual's right to property. Common law distinguishes between real property (land and generally nontransportable goods, such as houses and trees) and personal property) (all other kinds). Financial rights, such as copyrights or patent holdings, are personal.