Property Law: Introduction

In general, the law defines property as rights among people that concern things...Law is the foundation of property rights in the United States. Property rights exist only if and to the extent they are recognized by our legal system...It is common to describe property as a "bundle of rights" in relation to things...We traditionally label these sticks according to the nature of the right involved. Under this approach, the most important sticks in the bundle are: (1) the right to exclude; (2) the right to transfer; (3) the right to possess and use; and (4) the right to destroy...[A]ll property is divided into two categories, real property (rights in land) and personal property (rights in things other than land)...Real property consists of rights in land and anything attached to land (e.g., buildings, signs, fences, or trees). It includes certain rights in the land surface, the sub-surface (including minerals and groundwater), and the airspace above the surface...Items of tangible, visible personal property - such as jewelry livestock, airplanes, coins, rings, cars, and books - are called chattels...Rights in intangible, invisible "things" are classified as intangible personal property. Stocks, bonds, patents, trademarks, copyrights, trade secrets, debts, franchises, licenses, and other contract rights are all examples of this form of property. 

- John G. Sprankling, Understanding Property Law (4th ed. 2017).