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CPCU 530 CHAPTER 5 DEFINITIONS

Terms in this set (52)

Intellectual property rights
the legal entitlement attached to the expressed form of an idea or of other intangible subject matter
Copyright
The legal right granted by the US government to a person or O for a period of years to exclusively own and control an original written document, piece of music, software, or other form of expression
Patent
The right granted by the US government to an inventor or applicant for a limited time period to exclusively own and control a new, useful, and nonobvious invention
Accession
An increase or addition to property
Confusion
In property law, the intermingling of goods belonging to different owners
Gift
The voluntary and gratuitous transfer of property without consideration
Donee
The recipient of a gift
Bailment
The temporary possession by one party (the bailee) of personal property owned by another party (the bailor) for a specific purpose, such as cleaning or repair
Possessory lien
A bailee's right to retain possession of a bailor's property as security for the payment of a debt or performance of some other act.
Fee simple estate
A full ownership interest in property with the unconditional right to dispose of it
Life Estate
An interest in which a person, called a life tenant, is entitled to possession of real property and to all income the land produces for the duration of that persons or someone else's life; the interest terminates on the death of the life tenant (or of the other person during whose life the life tenant possesses the property) and does not pass to his or her estate
Tenancy
A right to possession or ownership, or both, of property
Joint tenancy
A concurrently owned and undivided interest in an estate that transfers to a surviving joint tenant upon the death of the other
Tenancy by the entirety
A joint tenancy between husband and wife
Tenancy in common
A concurrent ownership of property, in equal or unequal shares, by two or more joint tenants who lack survivorship right
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