Also known as: intangible things · intangible property · intangibles
Written by attorneys · grounded in primary & secondary sources — see below
A legally protected interest or right that lacks physical form and exists only as an abstraction or in a document. Such interests qualify as property when they can be owned, transferred, or enforced under law.
Indigo Textiles seeks to expand its brand through influencer campaigns. Its board authorizes issuance of shares to Isaiah Ishikawa in exchange for his contractual commitment to post promotional content and appear at events. The shares are treated as fully paid once the board determines the intangible benefit is adequate consideration.
Infinity Bank obtains a security interest in Ira Irving's controllable payment intangibles arising from licensing agreements. The bank files a financing statement describing the intangibles. The filing perfects the security interest even though the rights have no physical form.
Select any source to read its text and confirm it supports the definition.
Iris Energy grants Insight Consulting a security interest in its deposit account containing licensing revenues. Insight obtains control of the account by agreement with the bank. The security interest in the intangible payment rights is perfected by that control.
Ines Ibarra holds a security interest in Ilana Isaacs's controllable electronic records representing royalty streams. Ines loses control when the records are transferred without her agreement. The security interest in the intangible records becomes unperfected once control ends.
A newspaper employee shares prepublication column information with outsiders. The employer treats the confidentiality of its intangible business information as a protected property interest. The disclosure is analyzed as depriving the employer of that interest.
A trucking company operates routes crossing state lines and holds intangible rights to customer contracts. The state imposes a tax measured by the value of those contract rights used in the business. The tax is evaluated for its effect on the intangible interests.
Yes. Trust property includes any interest that can be owned, whether legal or equitable. Loyalty points represent contractual rights that qualify as an intangible interest capable of being held in trust. Stock options granted after trust execution likewise become trust property once they exist as transferable ownership interests.
The board must determine adequacy before issuance. Its determination is conclusive on whether shares are validly issued, fully paid, and nonassessable. Informal discussion among directors followed by issuance can satisfy the requirement when the intangible benefit, such as promotional services, is considered.
Filing perfects a security interest in controllable payment intangibles under the rule allowing perfection by filing for such collateral. Control also perfects the interest and is required for certain other intangibles. Perfection by control continues only while control is retained.
…within its borders, regardless of the residence or presence of the owner. That jurisdiction extends alike to tangible and to intangible property. Indebtedness due from a resident to a non-resident—of which bank deposits are an example—is property within the State. Chicago, Rock Island & Pacific Ry. Co. v. Sturm , 174 U. S. 710.…