Property

"Real Property" means:

• land;
• an improvement;
• a mine or quarry;
• a mineral in place;
• standing timber; or
• an estate or interest, other than a mortgage or deed of trust creating a lien on property or an interest securing payment or performance of an obligation, in a property enumerated in the above.

Personal property is property that is not real property.

"Tangible personal property" means personal property that can be seen, weighed, measured, felt, or otherwise perceived by the senses, but does not include a document or other perceptible object that constitutes evidence of a valuable interest, claim, or right and has negligible or no intrinsic value.

Examples include furniture, equipment, computers, and inventory. Business personal property does not include real estate or items such as accounts receivable, goodwill, stocks, bonds, notes, licenses, pensions, and contracts.