What is the meaning of the Latin sentence "Lex posterior derogat legi priori"?

Roman Catholic Church. The office of Ad­vo­ca­tus Diaboli was formally es­tab­lished by Sixtus V in 1587. The devil's advocate role was to crit­i­cal­ly examine the life of and miracles at­trib­uted to an in­di­vid­u­al proposed for be­at­i­fi­ca­tion or can­on­iza­tion. This included the pre­sen­ta­tion of ev­ery­thing un­fa­vor­able to the can­di­date. The office was abol­ished when Pope John Paul II in 1979 to speed up can­on­iza­tion and be­at­i­fi­ca­tion process.

It becomes public domain. A patent allows you, and only you, to profit from your genius when you invent some­thing new. No one else can man­u­fac­ture or sell your in­ven­tion unless you give per­mis­sion. When a patent expires, anyone can copy your idea and market it. It becomes public domain

In 18th century BC. The Code of Ham­mura­bi is the most complete and perfect extant col­lec­tion of Baby­lo­ni­an laws, de­vel­oped during the reign of Ham­mura­bi (1792–1750 BC) of the 1st dynasty of Babylon.

Carpe diem. In Horace, the phrase is part of the longer carpe diem, quam minimum credula postero, which can be trans­lat­ed as "Seize the day, put very little trust in to­mor­row". The ode says that the future is un­fore­seen and that one should not leave to chance future hap­pen­ings, but rather one should do all one can today to make one's future better. This phrase is usually un­der­stood against Horace's Epi­cure­an back­ground.