Legal Definitions - intangible

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.