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Simple English definitions for legal terms
intangible
Read a random definition: peer-review privilege
A quick definition of intangible:
Intangible: Something that cannot be touched or felt. It is an idea or concept that exists in the mind, like responsibility or intellectual property. It can also refer to assets that do not have a physical form, like goodwill or literary rights. Payment intangible refers to a type of intangible where the main obligation is to pay money.
A more thorough explanation:
Definition: Not capable of being touched; impalpable; incorporeal. Something that lacks a physical form; an abstraction, such as responsibility; especially, an asset that is not corporeal, such as intellectual property.
Examples:
- Goodwill
- Things in action
- Literary rights
These examples illustrate intangible assets that cannot be physically touched or seen, but still hold value. Goodwill is the value of a business beyond its tangible assets, such as its reputation and customer loyalty. Things in action refer to legal claims or rights that can be enforced, such as a contract or patent. Literary rights are the rights to a piece of creative work, such as a book or movie.
General Intangible: Any intangible personal property other than goods, accounts, chattel paper, documents, instruments, investment property, rights to proceeds of written letters of credit, and money.
Payment Intangible: A general intangible under which the account debtor's principal obligation is a monetary obligation.