Proceeds For Damaged Exempt Property
A term used in many states for theft of a small amount of money or objects of little value (such as less than $500). it is distinguished from grand larceny, which is theft of property of greater worth and a felony punishable by a term in state prison. petty larceny is a misdemeanor with a maximum punishment of a term in the county jail. states which only use the term “larceny” often treat theft of smaller amounts as a misdemeanor in charging and sentencing.