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

Pittsburgh, PA |
Filed under: Debt

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.

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Attorney answers 3

Posted

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.

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Barry Franklin Poulson

Barry Franklin Poulson

Posted

Augh, sorry, so anyway cash in bank is tangible, but note odd exceptions.

Asker

Posted

Thank you! I am trying to collect on a judgment (past due), so it helps to know how cash in a plain old personal checking account is considered.

Barry Franklin Poulson

Barry Franklin Poulson

Posted

Best to look closely at the garnishment statute.

Gary D. Bollinger

Gary D. Bollinger

Posted

"Cash" in the bank is a n misnomer, a fable. The bank does not hold cash reserves equal to the amount/balance of the accounts: the bank loans the money out seeking to obtain a return on the loan. For garnishment purposes, collection will likely be treated as if the physical money was truly in the account.

Posted

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

Posted

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.

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