Legal Definitions - thimblerig

In legal terms, a "thing" refers to anything that can be owned, possessed, or be the subject of a legal right. This broad concept encompasses not only physical objects but also intangible concepts, rights, or interests that hold value and can be transferred, protected, or enforced by law.

Things are often categorized into two main types:

• Corporeal Things: These are material objects that can be perceived by the senses, such as land, buildings, vehicles, or personal belongings. They are tangible assets.
• Incorporeal Things: These are intangible rights or interests that do not have a physical form but still hold value and can be owned. Examples include intellectual property rights, financial assets, or contractual rights.

Here are some examples to illustrate the concept of a "thing":

• Example 1: A Classic Car

  Imagine a collector who owns a rare vintage sports car. This car is a corporeal thing because it is a physical object that the collector possesses, has legal title to, and can sell, insure, or pass on to heirs. It is a tangible asset that is the subject of their property rights.

• Example 2: A Copyright for a Novel

  A novelist writes a best-selling book and holds the copyright to their work. This copyright is an incorporeal thing. While the book itself is a physical object, the copyright is an intangible legal right that grants the author exclusive control over the reproduction, distribution, and adaptation of their novel. This right has significant financial value and can be licensed, sold, or defended in court.

• Example 3: Shares in a Company

  An individual purchases shares of stock in a publicly traded technology company. These shares represent a fractional ownership interest in the company and come with rights such as receiving dividends and voting on company matters. The shares themselves, though often existing only as electronic records, are considered incorporeal things because they are valuable proprietary rights that can be bought, sold, and transferred, making them a subject of legal ownership and financial transactions.