Legal Definitions - incorporeal chattel

An incorporeal chattel refers to a type of personal property that does not have a physical form and cannot be touched or seen, but still holds value and represents a legal right or interest. Unlike tangible personal property (like a car or a piece of furniture), an incorporeal chattel exists as a concept, a right, or an entitlement. It can be owned, transferred, bought, or sold, even though it lacks a physical presence.

• Copyright to a novel: Imagine an author who writes a bestselling book. The physical copies of the book (paperbacks, hardcovers) are tangible personal property. However, the copyright itself – the exclusive legal right to reproduce, publish, and sell the literary work – is an incorporeal chattel. It cannot be physically held, but it is a valuable asset that the author owns and can license, sell, or bequeath.
  This illustrates an incorporeal chattel because the copyright is a legal right, not a physical object. Its value comes from the exclusive control it grants over the creative work, even though you cannot physically touch the "copyright" itself.
• Shares of stock in a company: When someone owns shares in a publicly traded company, they possess a portion of ownership in that company. While they might receive a physical stock certificate (though this is rare now, with most shares held electronically), the certificate is merely evidence of ownership. The actual share – the right to a portion of the company's assets and earnings, and the right to vote on certain matters – is an incorporeal chattel.
  This demonstrates an incorporeal chattel because the share represents a bundle of rights and an ownership interest in a company, rather than a specific physical item. Its value is derived from the underlying company's performance and assets, not from any physical form it might take.
• A broadcast license for a radio station: A company that operates a radio station must obtain a license from a government regulatory body to use a specific frequency to broadcast. The radio equipment, the studio, and the transmission tower are all tangible assets. However, the broadcast license itself – the legal permission to operate on that frequency – is an incorporeal chattel. It is a valuable right that can be transferred or sold (with regulatory approval) as part of the station's assets.
  This exemplifies an incorporeal chattel because the license is a non-physical legal authorization that grants a valuable right to operate. It is distinct from the physical equipment and infrastructure of the radio station, yet it is essential for the station's operation and holds significant economic value.