Definition - What does Intangible Property mean?
Intangible property are items that are owned, but which cannot be held. Examples include ownership over an idea, a copyright or patent, methodologies relating to a franchise, or any other secretive but integral structure that is relied upon to produce income.
Justipedia explains Intangible Property
Intangible property can be passed from one person to the next or by corporations selling their rights to same.