general intangible
A general intangible is the term for a non-physical asset that is not easily calculated. Examples include literary rights, things in action , and goodwill . General intangibles are particularly relevant when dealing with secured transactions .
As defined by the UCC , general intangibles include any personal property - except for money, documents, investment property, instruments, goods , accounts , chattel paper , proceeds from letters of credit , and oil, gas, or other minerals before extraction.
Like other assets , a party can have a security interest in general intangibles. For example, in Ciprian Ltd. V. Oxford Dev. Co. Grant St., L.P. creditors were entitled to proceeds from the sale of a debtor’s liquor license, a general intangible.
[Last reviewed in January of 2023 by the Wex Definitions Team ]
Wex