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LSDefine

Simple English definitions for legal terms

general intangible

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A quick definition of general intangible:

A general intangible is something valuable that you can't touch or see, like the right to publish a book or the good reputation of a business. It's hard to put a specific value on these things. They are important when people borrow money or make deals because they can be used as collateral, which means if the borrower can't pay back the money, the lender can take ownership of the general intangible instead.

A more thorough explanation:

A general intangible is a type of asset that does not have a physical form and is difficult to calculate. Examples of general intangibles include literary rights, goodwill, and things in action. These types of assets are important in secured transactions.

According to the Uniform Commercial Code (UCC), general intangibles can be any personal property except for money, documents, investment property, instruments, goods, accounts, chattel paper, proceeds from letters of credit, and oil, gas, or other minerals before extraction.

For instance, in the case of Ciprian Ltd. v. Oxford Dev. Co. Grant St., L.P., creditors were entitled to the proceeds from the sale of a debtor's liquor license, which is considered a general intangible. This means that even though the liquor license is not a physical asset, it can still be used as collateral for a loan or other financial transaction.

general election | general intent

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Dkk
17:11
I got to use Discord for crypto. The only reason I would use it with y'all is to plauy wizard101
babycat
17:11
And I don’t have crypto
Dkk
17:11
No, I do not know @jackfrost so I will not marry.
17:12
Last cycle there was tons of admitted student discords
17:12
and study group ones
Dkk
17:12
@babycat: you got wizard 101?
awww it's ok dkk :(
Dkk
17:12
:)
babycat
17:12
@EvolBunny: yeah and some guy supposedly got kicked out of cornell for saying racial slurs in the admitted students discord
17:12
@Dkk: okay now we know you are not indian
17:13
@babycat: only a fool would do something like that lol why your actual name is connected and associated with the school!
babycat
17:13
I don’t know what wizard101 is sorry
babycat
17:13
@EvolBunny: yeah lol you gotta be a brand new kind of stupid for that
17:13
Like i imagine balls and horseymeds are some of the kindest people irl lol
17:14
in a professional setting
babycat
17:14
Balls is my buddy and I love him but he literally does say slurs out on the street
babycat
17:14
Not in a professional setting though
17:14
But does he at work and around school settings?
17:14
Or only wit his homies in his time
Dkk
17:14
Thank you @EvolBunny
babycat
17:14
Yeah and he buys me margaritas :)
babycat
17:15
Idk about horsey that guy seems like a freak
17:15
He is an arsehole but he is your asshole
1a2b3c4d26z
17:15
Would kill for a marg
Dkk
17:15
*spreads ass in mirror to check*
babycat
17:15
one million margs at nyc lsd meetup
Dkk
17:16
Nope, not my asshole.
1a2b3c4d26z
17:17
I will walk to nyc to do this
17:17
send it
1a2b3c4d26z
17:17
omw
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