Also known as: incorporeal properties · intangible property
Written by attorneys · grounded in primary & secondary sources — see below
A category of property consisting of intangible rights and interests rather than physical objects. Such interests include contractual rights, intellectual property, publicity rights, and unclaimed financial assets that carry economic value.
Infinity Bank approved issuing shares to Igor Ito for partially completed software modules, a six-month maintenance contract, and an unsecured promissory note. The board determined the package adequate before issuance. Igor received fully paid shares because the statute treats the intangible items as valid consideration.
Isabella Ingram's estate claimed that Universal Pictures exploited her late father's distinctive Dracula portrayal without consent. The court recognized the right of publicity as a transferable property interest that survived death and could be enforced against unauthorized commercial use.
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West River Bridge Company held a toll franchise granted by the state. When the state condemned the bridge and franchise to build a free crossing, the court treated the franchise as incorporeal property subject to taking with just compensation.
Delaware and New York disputed custody of unclaimed securities dividends held by brokers. The Court held that the state of the owner's last known address may escheat the intangible property because it is located at the owner's domicile.
Incorporeal property consists of intangible rights such as contractual obligations, intellectual property, and publicity rights. Corporeal property consists of tangible physical objects. Prescription creates title to incorporeal rights while adverse possession creates title to corporeal land.
Yes. A board may authorize shares for any tangible or intangible property or benefit to the corporation, including contracts for future services and intellectual property, provided the board determines the consideration adequate.
Yes. Courts recognize a protectible property interest in the commercial value of a person's likeness that can be assigned and enforced against unauthorized exploitation even after death.
Intangible property such as unclaimed securities is located at the domicile of the owner, so the state of the owner's last known address holds the right to escheat.
…Lynch v. United States , 292 U. S. 571, 579 (1934) (valid contracts are property within meaning of the Taking Clause). That intangible property rights protected by state law are deserving of the protection of the Taking Clause has long been implicit in the thinking of this Court: "It is conceivable that [the term property' in…