Everything about Intangible Property totally explained
Intangible property, also known as incorporeal property, describes something which a person or
corporation can have ownership of and can transfer ownership of to another person or corporation, but has no physical substance. It generally refers to statutory creations such as
copyright,
trademarks, or
patents. It excludes tangible property like
real property (land, buildings and
fixtures) and
personal property (ships, automobiles, tools, etc.). In some jurisdictions intangible property are referred to as
choses in action. Intangible property is used in distinction to
tangible property. It is useful to note that there are two forms of intangible property - legal intangible property (which is discussed here) and competitive intangible property (which is the source from which legal intangible property is created but can't be owned, extinguished, or transferred). Competitive intangible property disobeys the intellectual property test of voluntary extinguishment and therefore results in the sources that create intellectual property (knowledge in its source form, collaboration, process-engagement, etc) escaping quantification.
Generally, ownership of intangible property gives the owner a set of legally enforceable rights over reproduction of personal property containing certain content. For example, a copyright owner can control the reproduction of the work forming the copyright. However, the intangible property forms a set of rights separate from the tangible property that carries the rights. For example, the owner of a copyright can control the printing of books containing the content, but the book itself is personal property which can be bought and sold without concern over the rights of the copyright holder.
In
English law and other
Commonwealth legal systems, intangible property is traditionally divided in
pure intangibles (such as debts, intellectual property rights and
goodwill) and
documentary intangibles, which obtain their character through the medium of a document (such as a
bill of lading,
promissory note or
bill of exchange). The recent rise of
electronic documents has blurred the distinction between pure intangibles and documentary intangibles.
Further Information
Get more info on 'Intangible Property'.
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