Petty larceny is defined as stealing personal property that has a smaller value. Depending on the state, this value is usually $500 or less. It is unlike grand larceny, which is deemed to be a felony that can lead to prison time. Instead, it is considered to be a misdemeanor when violence does not take place. If you’re convicted of this type of larceny, you’ll probably have to serve time in the local jail.
Basically, this type of crime exists whenever you take another person’s property or money of smaller value without their consent. Just because they mistakenly leave it behind, this does not give you the right to take it without their permission. Remember this the next time you snatch someone’s purse while they aren’t looking. If caught and that purse and its contents are less than $500, get ready to spend a couple of days at the jailhouse.