Ch 4 prlgl quiz

Claim

A creditor's assertion of a right to payment from the debtor or the debtor's property.

Undersecured claim

A debt secured by property that is worth less than the full amount of the debt.

Nondischargeable debt

A debt that cannot be eliminated in bankruptcy. Examples include a home mortgage, debts for alimony or child support, certain taxes, and debts for most government funded or guaranteed educational loans.

Unscheduled debt

A debt that should have been listed by the debtor in the schedules filed with the court but was not.

Plan

A debtor's detailed description of how the debtor proposes to pay creditors' claims over a fixed period of time.

Utility patent

A form of legal protection granted for an invention that provides some identifiable benefit and is capable of use.

Design patent

A form of legal protection granted to the ornamental design of a functional item.

Trade secret

A formula, process, device or item of information used by a business that has economic value because it is not generally known or easily discovered by observation and for which reasonable attempts to maintain secrecy have been made.

License

A grant by the holder of a copyright or patent of the rights embodied in the copyright or patent short of an assignment of all rights.

Directors

A group of persons elected by shareholders and entrusted with the overall control of a corporation.

Shareholders meeting/annual meeting

A meeting of the shareholders that the law requires a corporation to hold each year for the election of directors and the transaction of other business.

General partnership

A partnership in which each partner is liable for all partnership debts and obligations in full.

Limited partnership

A partnership in which the business is managed by one or more general partners and is provided with capital by limited partners whose individual liability is limited.

Patent troll

A person or company that attempts to enforce patent rights against accused infringers far beyond the patent's actual value or contribution to the prior art.

Debtor

A person who has filed a petition for relief under the Bankruptcy Code.

Discharge

A release of a debtor from personal liability for certain dischargeable debts set forth in the Bankruptcy Code.

Motion to lift the automatic stay

A request by a creditor to allow the creditor to take action against the debtor or the debtor's property that would otherwise be prohibited by the automatic stay.

Liquidation

A sale of a debtor's property with the proceeds to be used for the benefit of creditors.

Genericide

A trademark that began as a distinctive product identifier but has changed in meaning to become generic.

Strong mark

A trademark that is distinctive and that is used in a fictitious, arbitrary, or fanciful manner in connection with a product.

Uniform Partnership Act (UPA)

A uniform act proposed in 1914 by the National Conference of Commissioners on Uniform State Laws for the governance of business partnerships.

Fair Use

A use of copyrighted material that is not infringement provided that the use is fair and reasonable and does not substantially impair the value of the work.

Corporation

A voluntary chartered association created by law that has perpetual existence and limited liability for its shareholders.

Trademark

A word, phrase, symbol, or design, or a combination thereof, that identifies and distinguishes the source of the goods of one party from those of others.

Proof of claim

A written statement and verifying documentation filed by a creditor that describes the reason the debtor owes the creditor money.

Prior art

All information that has been made available to the public in any form before a given date that might be relevant to a patent's claims of originality. If an invention has been described in the prior art, a patent on that invention is not valid.

Bankruptcy estate

All legal or equitable interests of the debtor in property at the time of the bankruptcy filing.

Partnership

An agreement among two or more persons to operate as co-owners a business for profit.

Reaffirmation agreement

An agreement by a chapter 7 debtor to continue paying a dischargeable debt (such as an auto loan) after the bankruptcy, usually for the purpose of keeping collateral (i.e. the car) that would otherwise be subject to repossession.

Non-practicing entity

An entity that holds patents but does not manufacture products or supply services based upon the patents held.

Partnership agreement

An express written agreement governing the operation and governance of a partnership.

Automatic stay

An injunction that automatically stops lawsuits, foreclosures, garnishments, and all collection activity against the debtor the moment a bankruptcy petition is filed.

Dividends

Corporate profits distributed to shareholders.

Statutory damages

Damages that allow copyright holders who succeed with claims of infringement to receive compensation up to $150,000 per work copied as opposed to actual damages.

Means test

Determination whether an individual debtor's chapter 7 filing is presumed to be an abuse of the Bankruptcy Code requiring dismissal or conversion of the case (generally to chapter 13) because the debtor has too much income.

Blurring

Dilution which "blurs" a mark from association with only one product to signify other products in other markets.

Acquired distinctiveness

Continuous use of a descriptive or generic term so that consumers in the marketplace associate the term with a particular trademark owner.

Prebankruptcy planning

The arrangement (or rearrangement) of a debtor's property to allow the debtor to take maximum advantage of exemptions. (Prebankruptcy planning typically includes converting nonexempt assets into exempt assets.)

Chapter 11

The chapter of the Bankruptcy Code providing (generally) for reorganization, usually involving a corporation or partnership. (A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11.)

Chapter 7

The chapter of the Bankruptcy Code providing for "liquidation,"(i.e., the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors.)

Chapter 13

The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income. (Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.)

Copyright infringement

The copying, distribution, or public performance of a material and substantial portion of a copyrighted work.

Copyright Office

The department of the Library of Congress that examines and registers copyright claims.

Articles of incorporation

The document by which a corporation is formed.

Bankruptcy petition

The document filed by the debtor (in a voluntary case) or by creditors (in an involuntary case) by which opens the bankruptcy case.

Dissolution

The ending of a partnership.

Copyright

The exclusive right to reproduce, publish, perform, distribute, or sell an original work of authorship.

US Patent and Trademark Office (USPTO)

The federal agency for granting U.S. patents and registering trademarks.

Bankruptcy Code

The informal name for title 11 of the United States Code (11 U.S.C. §§ 101-1330), the federal bankruptcy law.

Dilution

The lessening of the value and uniqueness of a trademark that is caused by the use of the mark by another.

341 Meeting

The meeting of creditors required by section 341 of the Bankruptcy Code at which the debtor is questioned under oath by creditors, a trustee, examiner, or the U.S. trustee about his/her financial affairs. Also called creditors' meeting.

Shareholders

The owners of a corporation.

Members

The owners of a limited liability company.

Novelty

The quality or state of being new; a requirement for granting a patent.

Patent

The right to exclude others from making, using, or selling an invention or products made by an invented process granted to an inventor for a term of years.

Equity

The value of a debtor's interest in property that remains after liens and other creditors' interests are considered.

Tarnishment

The weakening of a mark through unsavory or unflattering associations.

Work made for hire

Work that is the property of an employer when made by one acting as an employee or is the property of one for whom it is specially ordered or commissioned.

Secured creditor

A creditor holding a claim against the debtor who has the right to take and hold or sell certain property of the debtor in satisfaction of some or all of the claim.

d/b/a

"Doing Business As": a fictitious name for a sole proprietorship.

Sham corporation

A corporation without substance that may be disregarded by piercing the corporate veil.

Cram down

A bankruptcy court's modification of loan terms against the wishes of the creditor.

Sole proprietorship

A business owned and controlled by one person who is solely liable for its obligations.

No-asset case

A chapter 7 case where there are no assets available to satisfy any portion of the creditors' unsecured claims.

Unsecured claim

A claim or debt for which a creditor holds no special assurance of payment, such as a mortgage or lien; a debt for which credit was extended based solely upon the creditor's assessment of the debtor's future ability to pay.

Alien

A company chartered in a different country from the one in which it is doing business.

Foreign

A company chartered in a different state from the one in which it is doing business.

Domestic

A company chartered in the state in which it is doing business.

Non-disclosure agreement

A contract that outlines confidential material, knowledge, or information that the parties wish to share with one another for certain purposes, but wish to restrict access to or by third parties.

U.S. Trustee

An officer of the Justice Department responsible for supervising the administration of bankruptcy cases, estates, and trustees; monitoring plans and disclosure statements; monitoring creditors' committees; monitoring fee applications; and performing other statutory duties.

Bankruptcy administrator

An officer of the judiciary serving in the judicial districts of Alabama and North Carolina who, like the U.S. trustee, is responsible for supervising the administration of bankruptcy cases, estates, and trustees; monitoring plans and disclosure statements; monitoring creditors' committees; monitoring fee applications; and performing other statutory duties.

Creative work

An original work of authorship fixed in a tangible medium of expression that is the result of at least some creative effort on the part of its author.

Limited Liability Company (LLC)

An unincorporated company whose members are not personally liable for the debts of the company.

Priority claim

An unsecured claim that is entitled to be paid ahead of other unsecured claims that are not entitled to priority status. Priority refers to the order in which these unsecured claims are to be paid.

Confirmation

Bankruptcy judge's approval of a plan of reorganization or liquidation in chapter 11, or payment plan in chapter 12 or 13.

Exempt property

Certain property owned by an individual debtor that the Bankruptcy Code or applicable state law permits the debtor to keep from unsecured creditors. The availability and amount of property the debtor may exempt depends on the state the debtor lives in.

Public domain

Property rights that belong to the community at large, unprotected by copyright or patent and subject to free use by anyone.

Patent examiner

Employees of the USPTO who review patent applications to determine whether a claimed invention should be granted a patent.

Personal liability

Liability imposed against an individual

Joint and several liability

Liability that is shared among co-owners that allows enforcement of the entire judgment any one of the owners and that allows contribution and indemnity among the co-owners.

Creditor

One to whom the debtor owes money or who claims to be owed money by the debtor.

Officers

One who holds an office of authority in a corporation.

Non-obviousness

Requirement for granting a patent that the invention being patented is not obvious to a person having ordinary skill in the art.

Revised Uniform Partnership Act (RUPA)

Revised versions of the Uniform Partnership Act proposed in 1997 and subsequent years.

Bylaws

Rules adopted by a corporation for governance and management.

Operating agreement

Rules adopted by a limited liability company for management and governance.

Creative Commons

Several public copyright licenses that enable the free distribution of an otherwise copyrighted work.

Credit counseling

The "individual or group briefing" from a nonprofit budget and credit counseling agency that individual debtors must attend prior to filing under any chapter of the Bankruptcy Code.

Debtor education

The "instructional course in personal financial management" in chapters 7 and 13 that an individual debtor must complete before a discharge is entered.

Case Management/Electronic Case Files (CM/ECF)

The Federal Judiciary's comprehensive case management system for all bankruptcy, district, and appellate courts.

Winding up

To conclude a partnership by paying liabilities and distributing remaining assets to partners.

Piercing the corporate veil

To disregard the corporate entity and and hold a corporation's shareholders or officers personally liable for debts of the corporation.

Patent infringement

Unauthorized use of a patented invention or process.

Trademark infringement

Use of a trademark which is identical or confusingly similar to a trademark owned by another party.

Certificate of formation

the document by which a limited liability company is formed.