Uniform Commercial Code §9-102 includes intellectual property within the definition of "general intangibles." Generally a lender's security in general intangibles is perfected by the filing of a UCC-1 financing statement in the state where the borrower's principal place of business is located. It should be noted, however, that UCC §9-311 provides an exception when the intellectual property rights are governed by federal statutes, regulations, or treaties, federal procedures take precedence. Thus, patents, federally protected trademarks and copyrights are ultimately governed by these federal laws and regulations.
Perfecting security interests in patents, trademarks, copyrights, and domain names all have different requirements and to complicate matters, there are inconsistencies in court rulings and regular changes in the applicable law. To be safe, it may be preferable for the owner and secured party to make sure the security interest in the intellectual property right is perfected by the filing of a UCC-1 financing statement in the state where the borrower's principal place of business is located as well as taking the necessary steps to perfect the security interest in the U.S. Patent and Trademark Office, and/or the United States Copyright Office, whichever is applicable.
The Oklahoma Intellectual Property Security Agreement is a legal document that establishes the rights and protections of intellectual property owners in the state of Oklahoma. It is specifically designed for recording with the U.S. Patent and Trademark Office (USPTO) and the United States Copyright Office, ensuring the validity and enforceability of intellectual property rights. This agreement serves as a security instrument, allowing intellectual property owners to secure their interests in various forms of intellectual property, including patents, trademarks, copyrights, and trade secrets. By recording the agreement with the USPTO and Copyright Office, it becomes a public record, providing notice to third parties about the existence of the secured intellectual property interest. The Oklahoma Intellectual Property Security Agreement typically includes the following key provisions: 1. Grant of Security Interest: The agreement specifies the intellectual property assets (e.g., patents, trademarks, copyrights) being used as collateral for a loan or other obligations. It grants the secured party (usually a lender) a security interest or lien on those assets. 2. Representations and Warranties: The intellectual property owner represents that they are the rightful owner of the intellectual property assets listed. They also warrant that the assets are free from any prior encumbrances or claims, except those specifically mentioned in the agreement. 3. Covenants: The owner agrees to take necessary steps to preserve the intellectual property assets, such as maintaining valid registrations, paying required fees, and defending against any claims or infringement actions. They may also agree not to take any action that would impair the value or enforceability of the intellectual property. 4. Default and Remedies: The agreement outlines the events that would constitute a default, such as failure to make payments or breach of other obligations. It describes the remedies available to the secured party in case of default, which may include the right to sell or license the intellectual property assets to recover the outstanding debt. Different types of Oklahoma Intellectual Property Security Agreements for recording with the USPTO and the Copyright Office may include specific clauses or provisions tailored to different types of intellectual property. For example: 1. Patent Security Agreement: This agreement focuses on securing ownership rights and enforcement capabilities for patents, invention disclosures, and patent applications. 2. Trademark Security Agreement: This agreement emphasizes the protection of trademark rights, including registered trademarks and pending trademark applications. 3. Copyright Security Agreement: Specifically designed for securing copyrights and their related rights, this agreement confirms the owner's exclusive rights to reproduce, distribute, and display copyrighted works. It is crucial to consult an attorney experienced in intellectual property law to draft or review these agreements accurately. Properly executed and recorded Intellectual Property Security Agreements can provide essential protection to intellectual property owners and offer lenders confidence in the collateral securing their investments.
