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[[File:Sewell Avery.jpg|right|300px|thumb|When the CEO of the privately held Montgomery Wards company refused to settle a labor dispute, [[President Franklin Roosevelt]] ordered the seizure of the company and removal of its CEO.]]
'''Private property''' means assets that can be acquired, transferred and controlled by persons rather than [[government]], such as [[land]], [[house]]s, [[goods]], luxury items, income producing assets, etc. It is characterized by an individual or corporate entity with absolute dominion over the [[property]]. Private property, in the [[United States of America]], is [[constitution]]ally protected by [[state]] and [[federal]] constitution (see: [[Fifth Amendment]])
'''Private property''' means assets that can be acquired, transferred and controlled by persons rather than [[government]], such as [[land]], [[house]]s, [[goods]], luxury items, income producing assets, etc. It is characterized by an individual or corporate entity with absolute dominion over the [[property]]. Private property, in the [[United States of America]], is [[constitution]]ally protected by [[state]] and [[federal]] constitution (see: [[Fifth Amendment]])