Tangible Property Rights
Tangible property refers to anything that can be touched. Therefore, property like furniture, jewelry, car, money and even real estate qualifies as tangible property. |
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However, there are some things that do not qualify as tangible property even though they can be touched. For instance, a promissory note is considered to debt rather than a tangible property. Although money is considered as tangible property, there are some legal systems in the world that consider it to be intangible property.
In the US, the states have laws to deal with tangible property rights. For instance, if the owner of a tangible property dies without making a will, it is a well known fact that family members will fight over the right to ownership. Therefore, laws are in place to estimate the value of the property and the proceeds from the sale could be divided between the warring family members, or the property is just divided so that each person gets his fair share.
However, tangible property rights give the owner the license to will, bequeath, gift, sell, destroy, transfer or mortgage the property with whomsoever he or she sees fit. Some states in the US, like Kentucky, have tangible property tax that the owner of the property must pay. But, at the same time, some items, although considered as tangible property, are exempted from this tax. For instance, personal household items and crops grown in a particular year.
It is also important to note that when a person dies without making a will or goes bankrupt, the state has the right to pass on the tangible property owned by the person without having proper consent forms. In this case, the law decides what the process should be.
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