Also known as: intangible properties · intangibles
Written by attorneys · grounded in primary & secondary sources — see below
Property consisting of nonphysical assets or rights that have value. Such property includes intellectual property, contractual rights, securities, and other benefits that a corporation or secured party may receive or perfect an interest in.
CodeLaunch LLC formed BytePath LP and named Elena as a limited partner in the agreement. Elena signed a promise to contribute her proprietary curriculum and training materials for a twenty percent interest. The board treated the curriculum rights as valid consideration and issued her interest certificate. Elena later claimed she was only a consultant.
Park Surety took a security interest in Allied's commission receivables and filed a financing statement describing general intangibles and payment rights. Allied later defaulted. Fair Protection claimed priority based on its later filing that specifically described the receivables.
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Apex Capital obtained a security interest in CodeForge's customer data and source code. Apex took control of the electronic records under the required procedures. No financing statement was filed.
Orion Capital perfected its interest in Nimbus's intellectual property by obtaining control of the electronic records. Orion later lost control when the records were transferred without its consent. A competing creditor asserted priority.
A reporter at the Journal used advance knowledge of the Heard column contents to trade securities. The government charged mail fraud based on the scheme to obtain the Journal's confidential information.
An owner of unclaimed securities died with a last known address in one state. A second state claimed the funds under escheat rules based on the issuer's incorporation there.
The board may authorize shares for consideration consisting of any tangible or intangible property or benefit to the corporation, including contracts for services to be performed. The board's determination of adequacy is conclusive for purposes of validity, full payment, and nonassessability.
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A security interest in payment intangibles may be perfected by filing a financing statement. It may also be perfected by control when the secured party obtains control and remains perfected only while control is retained.
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The statute protects property rights, and its scope includes intangible property such as confidential business information. The information's intangible nature does not remove it from protection.
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The state with the right to escheat is the state of the owner's last known address. Intangible property is considered located at the domicile of the property owner.
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…protected by the mail and wire fraud statutes. McNally did not limit the scope of § 1341 to tangible as distinguished from intangible property rights. Both courts below expressly referred to the Journal’s interest in the confidentiality of the contents and timing of the “Heard” column as a property right, 791 F. 2d, at 1034-1035;…