Which of the following is NOT considered an intangible right?

The concept of intangible rights in secured transactions refers to rights that do not have a physical form but can still be secured under the Uniform Commercial Code (UCC). Intangible rights include things like accounts, instruments, and chattel paper, all of which represent a right to payment or receipt of funds but do not themselves have a tangible physical existence.

When considering the options, an account represents a right to payment for goods sold or services rendered, making it clearly an intangible right. Similarly, an instrument is a negotiable document that embodies a right to payment and is classified as intangible. Chattel paper, which is a record that evidences a monetary obligation and a security interest in specific goods, also falls under the category of intangible rights.

In contrast, a property right generally refers to a broader category that includes various tangible and intangible interests in property, including real property or physical goods, depending on the context. Since property rights can encompass both intangible and tangible forms of ownership, it is not exclusively an intangible right. Thus, it stands out from the other options as not being defined solely as an intangible right under the UCC. This is why it is identified as the answer that is NOT considered an intangible right.