We are independent & ad-supported. We may earn a commission for purchases made through our links.
Advertiser Disclosure
Our website is an independent, advertising-supported platform. We provide our content free of charge to our readers, and to keep it that way, we rely on revenue generated through advertisements and affiliate partnerships. This means that when you click on certain links on our site and make a purchase, we may earn a commission. Learn more.
How We Make Money
We sustain our operations through affiliate commissions and advertising. If you click on an affiliate link and make a purchase, we may receive a commission from the merchant at no additional cost to you. We also display advertisements on our website, which help generate revenue to support our work and keep our content free for readers. Our editorial team operates independently of our advertising and affiliate partnerships to ensure that our content remains unbiased and focused on providing you with the best information and recommendations based on thorough research and honest evaluations. To remain transparent, we’ve provided a list of our current affiliate partners here.
Finance

Our Promise to you

Founded in 2002, our company has been a trusted resource for readers seeking informative and engaging content. Our dedication to quality remains unwavering—and will never change. We follow a strict editorial policy, ensuring that our content is authored by highly qualified professionals and edited by subject matter experts. This guarantees that everything we publish is objective, accurate, and trustworthy.

Over the years, we've refined our approach to cover a wide range of topics, providing readers with reliable and practical advice to enhance their knowledge and skills. That's why millions of readers turn to us each year. Join us in celebrating the joy of learning, guided by standards you can trust.

What Is an Intangible Personal Property?

Esther Ejim
By
Updated: May 17, 2024
Views: 6,696
References
Share

An intangible personal property is a type of property that has no physical dimensions and as such, cannot be seen. Even though intangible property cannot be seen, it has some sort of value, which classifies it as property. Sometimes the value of intangible property is tied to the owner of the property, establishing the link between the owner and the intangible property.

An example of an intangible personal property that is intrinsically linked to the owner of the property is something like good reputation or goodwill that an individual or an organization commands. For instance, if a physician enjoys a lot of goodwill among the members of the community as a very dedicated and careful surgeon, any type of defamatory action could have dire consequences for that individual, both on a personal and professional level. Assuming a patient brings an unmerited lawsuit against the surgeon for leaving a surgical blade inside his or her abdomen during an operation, such a lawsuit is capable of destroying the reputation and goodwill that the doctor has in the community. This attack on the intangible personal property of the physician may also lead to dire professional and economic losses.

Intangible personal property may also include aspects like the goodwill that an organization enjoys among its consumers and host community. Assuming the company has worked very hard to present a corporate image where the environment is treated with utmost respect, any action that sullies this image is tantamount to a legally actionable attack on the company’s intangible asset in the form of its reputation ad goodwill. For instance, if someone vandalized the environment and blamed it on the company, then this would be seen as an attempt to destroy the company’s intangible personal property.

Another type of intangible personal property is a copyright to a literary work. The copyright cannot be seen nor felt, but it is still acknowledged under the law to be the intangible personal property of the owner. These assets are protected by the law in the same manner as physical property like houses and cars. A trademark is also recognized under the law to be the intangible personal property of the organization or individual to whom it is affiliated. Such a property is classified as intangible because it is not physical property that can be felt in the same way as company machinery and buildings.

Share
WiseGeek is dedicated to providing accurate and trustworthy information. We carefully select reputable sources and employ a rigorous fact-checking process to maintain the highest standards. To learn more about our commitment to accuracy, read our editorial process.
Link to Sources
Esther Ejim
By Esther Ejim
Esther Ejim, a visionary leader and humanitarian, uses her writing to promote positive change. As the founder and executive director of a charitable organization, she actively encourages the well-being of vulnerable populations through her compelling storytelling. Esther's writing draws from her diverse leadership roles, business experiences, and educational background, helping her to create impactful content.

Editors' Picks

Discussion Comments
Esther Ejim
Esther Ejim
Esther Ejim, a visionary leader and humanitarian, uses her writing to promote positive change. As the founder and...
Learn more
Share
https://www.wisegeek.net/what-is-an-intangible-personal-property.htm
Copy this link
WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.

WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.