Tangible Personal Property - Law Dictionary Search Results
Home Dictionary Name: tangible personal property Page: 2Goods
Goods, Computer programs are the product of an intellectual process, but once implanted in a medium they are widely distributed to computer owners. An analogy can be drawn to a compact-disc recording of an orchestral rendition. The music is produced by the artistry of musicians and in itself is not a 'good', but when transferred to a laser-readable disc it becomes a readily merchant-able commodity. Similarly, when a professor deliv-ers a lecture, it is not a good, but, when transcribed as a book, it becomes a good. That a computer program may be copyrightable as intellectual property does not alter the fact that once in the form of a floppy disc or other medium, the program is tangible, moveable and available in the marketplace. The fact that some programs may be tailored for specific purposes need not alter their status as 'goods' because the Code definition includes 'specially manufactured goods', Advent Systems Ltd. v. Unisys Corpn., 925 F. 2d 670 3dCir 1991. Associated Cement Compa...
Hereditaments
Hereditaments, every kind of property that can be inherited; i.e., not only property which a person has by descent from his ancestors, but also that which he has by purchase, because his heir can inherit it from him. The two kinds of hereditaments are corporeal, which are tangible (in fact, they mean the same thing as land), and incorporeal, which are not tangible, and are the rights and profits annexed to, or issuing out of, land. It includes money held in trust to be laid out in land [Re Gosselin, (1906) 1 Ch 120].Any property that can be inherited; anything that passes by intestacy, Black's Law Dictionary, 7th Edn., p. 730.The enumeration of incorporeal hereditaments in Hale's Analysis (p. 48) is the following:-Rents, services, tithes, commons, and other profits in alieno solo, pensions, offices, franchises, liberties, villains, dignities. But Blackstone enumerates ten principal kinds:-Advowsons, tithes, commons, ways, offices, dignities, franchises, corodies or pensions, annuities,...
asset
asset [back-formation from assets, singular, sufficient property to pay debts and legacies, from Anglo-French asetz, from Old French asez enough] 1 : the entire property of a person, business organization, or estate that is subject to the payment of debts used in pl. compare equity 2 : an item of property owned admitted asset : an asset allowed by law to be included in determining the financial condition of an insurance company compare nonadmitted asset in this entry appointive asset : an asset in an estate that is to be distributed under a power of appointment capital asset : a tangible or intangible long-term asset esp. that is not regularly bought or sold as part of the owner's business ;specif : any asset classified as a capital asset by law (as section 1221 of the Internal Revenue Code) cur·rent asset : a short-term asset (as inventory, an account receivable, or a note) that can be quickly converted into cash equitable asset : an asset esp. in an estate that is sub...
Possession
Possession, correctly understood, means effective physical control or occupation. The word 'possession' is sometimes used inaccurately as synonymous with the right to possess, Gurucharan Singh v. Kamla Singh, (1976) 2 SCC 152.Possession, does not imply mere acts of the user, or of occupation alone, but the occupation must be with the intention of exercising some claim or right in respect of the property occupied. A person who has no claim to the property but succeeds by show of force in acquiring physical control over the same cannot be treated to be in its possession, notwith-standing his physical control over it, Ram Krishna v. Bhagwan Baksh Singh, (1961) All LJ 301.Possession, implies dominion and control and the consciousness in the mind of the person having dominion that he has it and can exercise it, Chhedi Ram v. Mahngoo Tiwari, 1969 All WR (HC) 230.Possession, in common parlance denoted to occupy, to have or hold as owner, to obtain, to maintain, Krishna Prasad Jaiswal v. Kanti...
copyright
copyright : a person's exclusive right to reproduce, publish, or sell his or her original work of authorship (as a literary, musical, dramatic, artistic, or architectural work) see also common-law copyright, fair use at use, infringe intellectual property at property, international copyright, original, public domain compare patent, trademark NOTE: Copyrights are governed by the Copyright Act of 1976 contained in title 17 of the U.S. Code. The Act protects published or unpublished works that are fixed in a tangible medium of expression from which they can be perceived. The Act does not protect matters such as an idea, process, system, or discovery. Protection under the Act extends for the life of the creator of the work plus fifty years after his or her death. For works created before January 1, 1978, but not copyrighted or in the public domain, the copyright starts on January 1, 1978, and extends for the same period as for other works, but in any case will not expire before Decembe...
Corporation or body politic
Corporation or body politic, an artificial person es-tablished for preserving in perpetual succession certain rights, which being conferred on natural persons only would fail in process of time. It is either aggegate, consisting of many members, or sole, consisting of one person only, as a parson. It is also either spiritual, created to perpetuate the rights of the Church, or lay'sub-divided into civil, created for many temporal purposes, and eleemosynary, to perpetuate founders' charities. It is by virtue of the sovereign's prerogative exercised by a charter, or of an Act of Parliament, or of prescription, that the artificial personage called a corporation, whether sole or aggregate, civil or ecclesiastical, is created. The royal charter gives it a legal immortality, and a name by which it acts and becomes known. It has power to make bye-laws for its own government, and transacts its business under the authority of a common seal-its hand and mouthpiece; it has neither soul nor tangibl...
service
service 1 : the act of delivering to or informing someone of a writ, summons, or other notice as prescribed by law [after of process] see also notice by publication at notice, substituted service, summons NOTE: Although service of process is primarily the means for a court to exert personal jurisdiction over a person, some form of service (as by publication of notice in a newspaper) is also usually required for exercise of in rem or quasi in rem jurisdiction. 2 a : useful labor that does not produce a tangible commodity usually used in pl. [payment for s rendered] b : the maintenance or repair of tangible property [machinery for the and improvement of the residence] vt ser·viced ser·vic·ing : to provide services for: as a : to meet interest and sinking fund payments on (debt) [didn't have the cash flow to a large loan] b : to collect payments and maintain a payment schedule for (a loan) esp. after sale of the loan to a secondary mortgage market (as the Federal ...
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