Patent ID: 9505108
Filing Date: 2016-11-29
CPC Classification: B23B,B25B,Y10T

Claim Text:
1. A tool bit holder assembly comprising: a shank removably receivable in a tool holder of a rotary tool; a body coupled to the shank and defining a socket with a longitudinal axis, the socket being open at a front end of the body to removably receive a tool bit therein; an annular recess defined in an exterior surface of the body and having a rear shoulder, a front shoulder, and an axial length; a floating sleeve slidably received over the body; an elastic retainer coupled to an interior of the floating sleeve and having an axial length less than the axial length of the annular recess, the retainer movably received in the annular recess to enable the floating sleeve to float axially between a rear position where the retainer abuts the rear shoulder and a front position where the retainer abuts the front shoulder; and a ring magnet disposed at a forward end of the floating sleeve to magnetize a fastener being engaged by a tool bit, wherein the floating sleeve is further axially moveable rearward from the rear position to a parked position where the elastic retainer engages the body rearward of the rear shoulder, to enable removal of a tool bit from the socket.