Tangible Property Legal Meaning and Definition

Here is a simplified definition of the legal term Tangible Property.

Tangible Property (noun):

Tangible property refers to any physical items or possessions that can be seen, touched, or felt. These are assets that have a physical presence and possess value due to their intrinsic qualities. Examples of tangible property include machinery, cars, furniture, jewelry, and so on. These items are considered tangible because they have a clear physical existence and can also be sold due to their inherent value.