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This entry was published on 2014-09-22
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SECTION 550
Negotiable notes given for patent rights
General Business (GBS) CHAPTER 20, ARTICLE 29-D
§ 550. Negotiable notes given for patent rights. Notwithstanding
article three of the uniform commercial code, a negotiable promissory
note, the consideration of which consists wholly or partly of the right
to make, use or sell any invention claimed or represented by the vendor
at the time of sale to be patented, must contain the words "given for a
patent right" prominently and legibly written or printed on the face of
such note above the signature thereto; and such note in the hands of any
purchaser or holder is subject to the same defenses as in the hands of
the original holder; but this section does not apply to a negotiable
note given solely for the purchase price or the use of a patented
article.