Intangible Property at Legal Glossary
What is it? Personal property that has no physical existence, such as stocks, bonds, bank notes, trade secrets, patents, copyrights and trademarks. Such untouchable items may be represented by a certificate or license that fixes or approximates the value, but others (such as the goodwill or reputation of a business) are not easily valued or embodied in any instrument. Compare tangible property.Law Definition Added By: Parker
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Law Terms public domain is A creative work, invention or logo that is available for use without permission from its owner. This typically occurs after patent, trademark or copyright protection has expired.Law Terms summary judgment is A final decision by a judge that resolves a lawsuit in favor of one of the parties. A motion for summary judgment is made after discovery is completed but before the case goes to trial. The party making the motion marshals all the evidence in its favor, compares it to the other sides evidence, and argues that a reasonable jury looking at the same evidence could only decide the case one way--for the moving party. If the judge agrees, then a trial would be unnecessary and the judge enters judgment for the moving party.
Law Terms civil case is A noncriminal lawsuit, usually involving private property rights. For example, lawsuits involving breach of contract, probate, divorce, negligence and copyright violations are just a few of the many hundreds of varieties of civil lawsuits.
Law Terms bifurcate is To separate the issues in a case so that one issue or set of issues can be tried and resolved before the others. For example, death penalty cases are always bifurcated. The court or juryfirst hears the evidence of guilt and reaches a verdict, and then hears evidence about and decides upon which punishment to impose (death or life in prison without parole). Bifurcated trials are also common in product liability class action lawsuits in which many people claim that they were injured by the same defective product -- the issue of liability is tried first, followed by the question of damages. Bifurcation is authorized by Rule 42(b) of the Federal Rules of Civil Procedure.
Law Terms pay-on-death (POD) designation is A way to avoid probate for bank accounts, government bonds, individual retirement accounts and, in many states, securities or a car. To create a pay-on-death designation, you simply name someone on the ownership document (such as the registration card for a bank account) to inherit the property at your death. You retain complete control of your property while you are alive, and you can change the beneficiary (payee) at any time. At your death, the property is transferred directly to the beneficiary, free of probate.