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The Abstract Nature of Intangible Personal Property

If you own jewelry, you can appraise, sell, or give it with great ease. Some types of property, however, are not as easy to grasp and evaluate, and they bring their own complexities due to their abstract nature. They are called intangible property and represent a right to be paid money or to legally exercise some sort of power, usually under the form of a document stating the nature of the right.

Examples of intangible property under California law
Intangible property comes in many forms, such as:

• Promissory notes and bank passbooks
• Court judgments giving a right to receive compensation
• Mortgages
• Deeds of trust establishing an interest in property as security for a debt
• Stock or bond certificates giving an ownership interest in a corporation
• Mutual and money market fund certificates
• Copyrights, patents, and trademarks
• Contracts giving a right to future income, such as royalties
  

Intangible property can easily be located in any state, but the transfer of such property can be done under the laws and procedures of the state in which the owner resides. This means that a California owner of fund certificates issued in Illinois can transfer his or her property to California without much hassle.

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