15:56
i'm stealing that that's so funny
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LSDefine
Simple English definitions for legal terms
anti-assignment-in-gross rule
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A quick definition of anti-assignment-in-gross rule:
The anti-assignment-in-gross rule is a law that says if someone tries to sell a trademark without also selling the business it represents, the sale is not valid. This means that the new owner of the trademark must also own the business that uses it. If the original owner stops using the trademark, it could be considered abandoned. An assignment is when someone transfers their rights or property to someone else. There are different types of assignments, such as absolute assignments where the original owner has no more rights, and conditional assignments where the new owner only gets the property if the original owner doesn't pay back a loan.A more thorough explanation:
The anti-assignment-in-gross rule is a legal doctrine that states that an assignment of a trademark without the goodwill associated with it is invalid. This means that if a company transfers its trademark to another party without transferring the business's goodwill, the assignment is not legally valid.
For example, if a company sells its trademark to another party but does not transfer the business's goodwill, the assignment is not valid. This is because the trademark is only valuable when it is associated with the goodwill of the business.
It is important to note that trademark rights are not destroyed when a mark is assigned in gross. However, if the assignor fails to continue using the mark and the transfer is ineffective, it may result in abandonment of the trademark.
Overall, the anti-assignment-in-gross rule ensures that trademarks are only transferred with the goodwill of the business, which is necessary for the trademark to have value.