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Inlaw,tangible property is property thatcan be touched, and includes bothreal property andpersonal property (or moveable property), and stands in distinction tointangible property.[citation needed]
InEnglish law and someCommonwealth legal systems, items of tangible property are referred to aschoses in possession (or achose in possession in the singular). However, some property, despite being physical in nature, is classified in many legal systems as intangible property rather than tangible property because therights associated with the physical item are of far greater significance than the physical properties. Principally, these are documentary intangibles. For example, apromissory note is a piece of paper that can be touched, but the real significance is not the physical paper, but the legal rights which the paper confers, and hence the promissory note is defined by the legaldebt rather than the physical attributes.[1]
A unique category of property ismoney, which in some legal systems is treated as tangible property and in others as intangible property. Whilst most countries legal tender is expressed in the form of intangible property ("TheTreasury of Country X hereby promises to pay to the bearer on demand....")[citation needed], in practicebanknotes are now rarely ever redeemed in any country, which has led to banknotes and coins being classified as tangible property in most modern legal systems.
As a tangible property owner, certain rights and responsibilities come with the territory. The right to use, occupy, sell, rent, mortgage, or give away your property is present. Changes can also be made like renovating, rebuilding or developing the property. These rights are not limitless, however, as local regulations like building codes, zoning laws, and homeowner’s association rules still apply.
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