15:24
ok thanks! appreciate the insight
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LSDefine
Simple English definitions for legal terms
incorporeal ownership
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A quick definition of incorporeal ownership:
Term: Incorporeal ownership
Definition: Incorporeal ownership means owning a right instead of owning a physical thing. It is intangible ownership. For example, owning a piece of land is corporeal ownership, but owning a right to use a path on that land is incorporeal ownership. Other examples of incorporeal ownership include owning trademarks, copyrights, and patents.
A more thorough explanation:
Incorporeal ownership refers to the ownership of a right that is intangible in nature. It is not ownership of a physical object, but rather ownership of a right related to something.
- Ownership of a right of way on a piece of land
- Ownership of a trademark
- Ownership of a copyright
- Ownership of a patent
These examples illustrate incorporeal ownership because they are all rights that are intangible and not physical objects. For example, owning a right of way on a piece of land means that you have the right to use a specific path or route on that land, but you do not physically own the land itself. Similarly, owning a trademark, copyright, or patent means that you have the exclusive right to use or profit from a particular idea or creation, but you do not physically own the idea or creation itself.