This document is a collateral assignment of intellectual property. It details the collateral assignment, the scope of the assignment, representations and warranties, default remedies, and all other aspects generally found in an assignment agreement.
Puerto Rico Collateral Assignment of Intellectual Property
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Multi-State
Control #:
US-TC0713
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How to fill out Collateral Assignment Of Intellectual Property?
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FAQ
Using an IP assignment agreement, sellers surrender all ownership rights to the intellectual property and no longer have any say over how the IP is used. This gives the buyer complete control and ownership rights of the intellectual property involved.
As a general rule, security interests in personal property, including intellectual property are governed by Article 9 of the Uniform Commercial Code (?UCC?). Under Article 9, a lender must file a UCC financing statement with the respective Secretary of State where the borrower resides.
5 ingly, to properly perfect a security interest in a registered copyright, a filing should be done with the Copyright Office. In the interest of perfecting security interests, a creditor may want to record with the UCC and simultaneously register the copyright and record with the Copyright Office.
The most typical way to perfect a security interest is by filing notice in a public office. The filing of a public notice puts other creditors on notice of the attached security interest in property of the creditor. The required filing most frequently is a financing statement.
There are three requirements for attachment: (1) the secured party gives value; (2) the debtor has rights in the collateral or the power to transfer rights in it to the secured party; (3) the parties have a security agreement ?authenticated? (signed) by the debtor, or the creditor has possession of the collateral.
IP assets such as trademarks, trade names, patents, and copyrights are being used to secure loans issued by banks and other lenders. In most situations, IP assets tend to act as ?credit enhancers? and are included in a portfolio of assets that serves as collateral.
Protect Your Company Brand To achieve this, you should just include a provision that clearly states that your business owns the exclusive right to use all of your branding materials. For example: ?[Your business] owns all intellectual property rights in the products and company branding as between you and us.?
One obtains a security interest in a trademark by obtaining a written grant of a security interest from the debtor. The grant should cover the trademark itself, the accompanying goodwill, and, ideally, any other assets that embody that goodwill, such as corresponding domain name registrations.