Also known as: intangible assets · intangibles · intangible property
Written by attorneys · grounded in primary & secondary sources — see below
An item of property lacking physical form that nonetheless holds economic value and is capable of ownership or transfer.
Infinity Bank’s board authorizes issuance of shares to Ian Iverson in exchange for his commitment to provide promotional services and a client list. The board determines the intangible benefits constitute adequate consideration. Iverson receives fully paid shares once the services begin.
Ivy Investments obtains a security interest in India Inoue’s commission receivables classified as payment intangibles. Ivy files a financing statement describing the collateral. The filing perfects the interest against third parties.
Select any source to read its text and confirm it supports the definition.
Ideal Solutions takes a security interest in Idris Ives’s deposit account. Ideal obtains control by entering a control agreement with the bank. The interest is perfected by control under the statute.
Integrity Partners holds a security interest in Ismael Ibrahim’s letter-of-credit rights. Integrity obtains control through an agreement with the issuer. When the agreement terminates and control ends, the security interest becomes unperfected.
A newspaper employee discloses prepublication information belonging to the employer. The employer claims the information constitutes an intangible property interest. The court recognizes the interest as property for purposes of the fraud statute.
A state imposes a tax measured by receipts from intangible assets used in interstate commerce. The taxpayer challenges the levy as an undue burden. The court sustains the tax because it fairly apportions the intangible value to the taxing state.
Yes. The board may authorize shares in exchange for any intangible property or benefit to the corporation, including services performed or contracts for future services.
Supporting sources
A security interest in payment intangibles may be perfected by filing a financing statement that reasonably identifies the collateral.
Supporting sources
The interest is perfected when the secured party obtains control and remains perfected only while control continues.
Supporting sources
Yes. Any transferable or ownable interest, whether present or future, constitutes property that can fund a trust.
Supporting sources
…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.…