[citation needed] In English law and some Commonwealth legal systems, items of tangible property are referred to as choses in possession (or a chose in possession in the singular).
Whilst most countries legal tender is expressed in the form of intangible property ("The Treasury of Country X hereby promises to pay to the bearer on demand...."), in practice banknotes are now rarely ever redeemed in any country, which has led to banknotes and coins being classified as tangible property in most modern legal systems.
As a tangible property owner, certain rights and responsibilities come with the territory.
The right to use, occupy, sell, rent, mortgage, or give away your property is present.
These rights are not limitless, however, as local regulations like building codes, zoning laws, and homeowner’s association rules still apply.