Is bank account considered "tangible" or "intangible" personal property?

Asked over 2 years ago - Pittsburgh, PA

I am referring to the regular personal checking/savings account of an individual landlord (He works on his own, not for a company).

Thank you in advance.

Attorney answers (3)

  1. Gary D. Bollinger

    Contributor Level 19

    1

    Lawyer agrees

    Answered . A bank account is the promise of the bank to repay a debt: it is an intangible asset.

    See, "It's A Wonderful Life," your money was loaned to Morelli who is paying it back at $126.89 per month.

  2. Barry Franklin Poulson

    Contributor Level 20

    Answered . Intangible. Stocks, patents, things / papers which merely represent other value are intangible, or things like know-how, goodwill. Things your can put your hands on (aside from land), are tangible, such as currency, shoe horns, fishing poles, eggs, or sweaters.

    Note that is some estates contexts in some states your will can indentify a list of tangible personal property without changing the will. For example, antique chair to my "sister." Such lists usually cannot include currency, stocks, etc.

    The Universal Commercial Code (UCC) is a good lookup, but note how the rules can be oddly defined.

    We do not have a client/attorney relationship until you make an appointment, we discuss your case face to face, I... more
  3. Alan D. Walton

    Pro

    Contributor Level 19

    Answered . Intangible. It would help if we knew why you are asking this question.

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