Intellectual property is intangible given that the physical parameter cannot appropriately define it. Also, under intellectual property law, there is a granting of specific exclusive rights to a number of intangible assets. Real property is known to be immovable, heterogeneous and durable. Personal Property is characterized by its portability in nature given that they can be moved from one point to another. Additionally, they are intangible or tangible in nature.
The owners of real, personal, and intellectual property do not enjoy the same rights under the law. The differences are mainly informed by the nature of the property, development of the law in every area, and the jurisdiction defined in each state and federal area. First, intellectual property is intangible while both personal and real property is tangible. Therefore, the manner in which the share rights are protected and transferred is different. Usually, personal property rights are entrenched in the concept of possession while, in real property, the right of an individual is rooted in writing. Given that intellectual property is intangible, an individual can own a patent or copyright and still gives others to use it so long as it is done properly and guided by doctrine. The rights that an individual has in intellectual property are not practically as outright as those of real and personal property. Their distinction is on the development of the law. The rights in personal and real law in the US are mainly founded on English common law. However, ownership rights in intellectual property are statutory. The other distinction is on the allocation of power. Personal and real property matters are covered by states while Congress is given jurisdiction over intellectual property law.
Given the differences that arise in these three types of property rights, it is in the best interest of the society to treat them differently. The differences are evident historically, in the jurisdiction and practically.
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