traditio nihil aliud est quam rei corporalis de persona in personam, de manu in manum, translatio aut in possessionem inductio; sed res incorporates, quae sunt ipsum jus rei vel corpori inhaerens, traditionem non patiuntur

Livery is nothing but the transfer or the induction into possession of a corporeal hereditament from person to person, from hand to hand; but an incorporeal hereditament, which is the right itself to a thing or inherent in the person does not permit of livery. See 2 Bl Comm 317.