The concept of eminent domain is one that many people don’t know much about unless they’re served documents about it. Eminent domain is what the government can use to claim personal property for public use. The catch to this is that the property owner has to receive just compensation for the property.
The property the government claims has to be for things that benefit the public. This could be a wildlife refuge or park, for example. What some people don’t realize is that real estate isn’t the only thing that the government might try to take through eminent domain.
More than real estate is at stake
In the broadest sense, the government can attempt to take anything that’s considered personal property. This includes stocks, investment funds, financial instruments, contractual rights, copyrights, trade secrets and patents. Other intellectual property may also be part of an eminent domain action by the government.
The Fifth Amendment of the U.S. Constitution covers eminent domain, so there are very specific requirements that must be met in order for the government to claim property. It is possible that the government may abuse the power given to it. This is why it’s imperative for Americans to get help quickly if they learn of this type of situation.
Every American has a right to protect their property. This doesn’t stop simply because the government attempts to use eminent domain to take that property. You have legal options that you can use to try to stop this from occurring. Because this area of the law is so complex, it’s best to have experienced legal guidance.