Tangible property

[1] In law, tangible property is literally anything that can be touched, and includes both real property and personal property (or moveable property), and stands in distinction to intangible property.

In English law and some Commonwealth legal systems, items of tangible property are referred to as choses in possession (or a chose in possession in the singular). However, some property, despite being physical in nature, is classified in many legal systems as intangible property rather than tangible property because the rights associated with the physical item are of far greater significance than the physical properties. Principally, these are documentary intangibles. For example, a promissory note is a piece of paper that can be touched, but the real significance is not the physical paper, but the legal rights which the paper confers, and hence the promissory note is defined by the legal debt rather than the physical attributes.[2]

A unique category of property is money, which in some legal systems is treated as tangible property and in others as intangible property. Whilst most countries legal tender is expressed in the form of intangible property ("The Treasury of Country X hereby promises to pay to the bearer on demand...."), in practice banknotes are now rarely ever redeemed in any country, which has led to banknotes and coins being classified as tangible property in most modern legal systems.

Example of Tangible Property Include

1. Real Estate

Land, buildings, and any permanent structures attached to the land, such as houses, offices, factories, and warehouses.

2. Personal Property

Moveable assets that are not permanently attached to the land. This category includes items such as furniture, vehicles, jewelry, electronics, appliances, artwork, and machinery.

3. Inventory

Goods or products held by a business for sale or distribution, such as merchandise in a retail store or raw materials in a manufacturing facility.

4. Cash and Currency

Physical money, coins, and banknotes.

5. Equipment and Tools

Tools, machinery, vehicles, and equipment used for various purposes, such as construction, manufacturing, or farming.

6. Natural Resources

Tangible assets that exist in nature and have economic value, such as oil, gas, minerals, timber, and water.

7. Livestock and Agricultural Products

Animals raised for agricultural purposes, including livestock, poultry, and crops.

8. Collectibles

Valuable items that are collected for their rarity, historical significance, or aesthetic appeal, such as stamps, coins, antiques, and artworks.

Tangible property is distinguishable from intangible property, which refers to assets that do not have a physical form, such as intellectual property (patents, copyrights, trademarks), financial assets (stocks, bonds), and digital assets (digital files, cryptocurrencies).

Owning tangible property: rights and responsibilities

As a tangible property owner, certain rights and responsibilities come with the territory. The right to use, occupy, sell, rent, mortgage, or give away your property is present. Changes can also be made like renovating, rebuilding or developing the property. These rights are not limitless, however, as local regulations like building codes, zoning laws, and homeowner’s association rules still apply.

References
  1. "Welcome to The Map Finder". zameenlocator.com. Retrieved 2023-07-13.
  2. Hon. Giles, J. (May 1, 2008). "R&L ZOOK, INC., d/b/a, t/a, aka UNITED CHECK CASHING COMPANY, Plaintiff, v. PACIFIC INDEMNITY COMPANY, Defendant" (PDF). paed.uscourts.gov. Philadelphia, PA: United States District Court Eastern District of Pennsylvania. p. 6. Archived (PDF) from the original on 2008-10-05. Retrieved 2011-07-11.
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