Intangible Property Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Intangible Property, written in plain English, along with examples of how it is used.
What is Intangible Property?
Intangible property can be felt in terms of vlaue but has no physical existence like,stocks,bonds,trademarks,patents,bank accounts.It can be owned by anyone and ownership can also get trasferred to another person or corporation.
History and Meaning of Intangible Property
Intangible property refers to any non-physical assets that hold value but lack a concrete existence. Examples of intangible property include patents, copyrights, trademarks, brand names, goodwill, and trade secrets. Unlike tangible property, which can be touched or seen, intangible property can only be expressed or defined in terms of its legal or economic value.
Intangible property has been recognized as a separate legal concept in many legal systems around the world for centuries. While the concept of intangible property can be traced back to Roman Law, it was not until the 19th century when courts fully recognized intellectual property rights (IPRs) as a form of intangible property that is valuable and deserving of legal protection.
Examples of Intangible Property
- A trademark owned by a company that represents a specific product or service.
- A patent held by a pharmaceutical company that protects the manufacturing process of a new drug.
- A copyright owned by a writer or musician, giving them exclusive rights to their creative works.
- A trade secret held by a company, such as the formula for a popular soft drink.
- Goodwill, the value associated with a well-established brand name or company reputation.
Legal Terms Similar to Intangible Property
- Intellectual Property Rights (IPRs): Legally enforceable rights that provide creators of original works exclusive rights to such works for a certain period of time.
- Proprietary Information: Confidential or sensitive information that is owned by an individual or entity and can be legally protected from unauthorized disclosure.
- Industrial Property: Intellectual property rights that are used in commercial and industrial sectors, such as patents, trademarks, and industrial designs.
- Copyright: A legal right that grants the creator of an original work the exclusive right to control the use and distribution of such work.
- Patent: A legal right that grants the owner the exclusive right to use and exploit an invention for a certain period of time, in exchange for disclosing the invention to the public.