Texas Business & Commerce Code - Section 35.40. Identification Of Patent Right Note Or Lien
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Texas Lawyer > Business & Commerce Code > Texas Business & Commerce Code - Section 35.40. Identification Of Patent Right Note Or Lien
§ 35.40. IDENTIFICATION OF PATENT RIGHT NOTE OR
LIEN. (a) A note or lien evidencing or securing the purchase price
for a patent right or patent right territory must contain on its
face a statement that it was given for a patent right or patent
right territory.
(b) The statement required by Subsection (a) of this section
(1) is notice to a subsequent purchaser of the note or
lien of all equities between the original parties to the note or
lien; and
(2) subjects a subsequent holder of the note or lien to
all defenses available against the original parties to the note or
lien.
(c) A person selling a patent right or patent right
territory may not take a note or lien evidencing or securing the
purchase price for it without placing on the face of the note or
lien the statement required by Subsection (a) of this section.
(d) A person who violates Subsection (c) of this section is
guilty of a misdemeanor and upon conviction is punishable by a fine
of not less than $25 nor more than $200.
Acts 1967, 60th Leg., p. 2343, ch. 785, § 1.
Section: 35.29 35.30 35.31 35.32 35.33 35.39 35.395 35.40 35.41 35.42 35.44 35.45 35.455 35.46 35.47
Last modified: August 10, 2007
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