—NATURE OF INTELLECTUAL PROPERTY
1. Intangible Property: Intellectual property is intangible – it cannot be
held, touched, or defined by physical boundaries. Instead, “intellectual
property” is the ownership interest that a person or entity may have in
creations of the human mind. Ownership of intellectual property means ownership
of a concept or idea rather than ownership of a parcel of property or object.
Of course, as with real property and chattel, intellectual property can be sold
or otherwise conveyed.
— 2.
Territorial: Intellectual Property is territorial in nature as it is
applied within a State by it’s state legislation. However, protection in other
countries is also available under International Conventions.
— 3.
Exclusive right of the owner: It means the creator or author of an
intellectual property enjoys rights inherent in his work to the exclusion of
anybody else of the world.
— 4.
Assignable: As IP is a right the owner of that right can provide the
license to others to use the right. Intellectual property can be bought, sold,
or licensed or hired or attached.
— 5.
Independence: Different intellectual property rights subsist in the same
kind of object. It is a bundle of rights. Most intellectual property rights are
likely to be embodied in objects.
— 6.
Subject to Public Policy: That means IP rights are limited by conditions of
public policy mentioned in the particular state legislation.
— 7.
Divisible (Fragmentation): Several persons may have legally protected
interests evolved from a single original work without affecting the interest of
other right holders on that same item.
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