Personal property refers to any assets other than land or buildings. Personal property is movable, and so can include such assets as equipment, furniture, and vehicles. This type of property can also be intangible, and so may include such assets as annuities, stocks, and bonds. Many types of personal property tend to decline in value over time. However, a few (such as antiques) may instead increase in value.
A lender may choose to put a lien on the personal property held by a borrower. However, since these assets are movable, there is a risk that the lender will be unable to seize the assets in the event of a default by the borrower.