http://www.coindesk.com/perkins-coie-bitcoin-can-learn-real-estate-law/
Bitcoin provides transparency by having all transactions listed on a public ledger that allows one to trace the ownership of each bitcoin. This transparency – together with the irreversibility of each transfer of bitcoins – creates the assurance that the transferee is receiving ownership of the bitcoins being transferred. Unfortunately, the public ledger only identifies ownership. It provides no information on liens.
Security interests in general intangibles are very common, especially for a business with a bank secured line of credit. It is the combination of bitcoins being general intangibles, security interests in general intangibles not being automatically released upon transfer and the ubiquity of security interests in general intangibles that creates the fatal flaw – bitcoins that are encumbered with security interests granted by one or more prior owners.
Bitcoin provides transparency by having all transactions listed on a public ledger that allows one to trace the ownership of each bitcoin. This transparency – together with the irreversibility of each transfer of bitcoins – creates the assurance that the transferee is receiving ownership of the bitcoins being transferred. Unfortunately, the public ledger only identifies ownership. It provides no information on liens.
Security interests in general intangibles are very common, especially for a business with a bank secured line of credit. It is the combination of bitcoins being general intangibles, security interests in general intangibles not being automatically released upon transfer and the ubiquity of security interests in general intangibles that creates the fatal flaw – bitcoins that are encumbered with security interests granted by one or more prior owners.
The only real measure of a proper bitcoin is by height. If you have lien-encumbered coins sitting on the tallest chain, I'll take them off your hands in an irreversibile fashion at full price all day long.