Although intellectual property is generally not thought about as being physical property, it is good to think of intellectual property in the same sense as real property. It has value to the owner, is subject to opposing claims and can be transferred for value from one owner to another. Also, like real property, the owner can create subservient rights through licensing, which is a form of rent for use of the property. And, like real property, it is subject to trespass. Clear and defensible title is especially important if your client has a business or income stream dependent on the value of the intellectual property.
The issue of preserving the chain over time also varies by the property at issue. While patents have a fixed life, trademark and trade secrets can last for indefinite periods. Trademarks only require continued use on the registered goods and trade secrets can last as long as they are not disclosed or independently discovered by another.
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