Intangible personal property,
Definition of Intangible personal property:
Intangible personal property is an item of individual value that cannot be touched or held. Intangible personal property can include any item of worth that is not physical in nature but instead represents something else of value. Examples of intangible personal property include patents, copyrights, life insurance contracts, securities investments, and partnership interests.
Conversely, tangible personal property, such as machinery, vehicles, jewelry, electronics, and other items can be physically touched and have some level of value assigned to them. Intangible property is not just limited to individuals. Companies also have intangible property, such as goodwill and patents. Real estate is not considered personal property because it can not be moved, which is a determining factor in identifying the personal property.
A type of property that has no tangible value. The value of the property is related to the rights that it provides and is legally protected. Intangible personal property includes goodwill, copyrights, trademark, stocks, etc.
Meaning of Intangible personal property & Intangible personal property Definition