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.
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.
^ 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)
. 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.
Last edited on 11 April 2021, at 16:28
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