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Texas Business & Commerce Code

§ 254.001 — IDENTIFICATION OF PATENT RIGHT

BC § 254.001Title 7. RECEIPTS, DOCUMENTS OF TITLE, AND OTHER INSTRUMENTS · Ch. 254. NOTE OR LIEN IDENTIFYING A PATENT RIGHT

Statute text

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(a)A note or lien evidencing or securing the purchase price for a patent right or patent right territory must contain on the face of the note or lien a statement that the note or lien was given for a patent right or patent right territory.
(b)The statement required by Subsection (a):
(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.

Legislative history

Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.

Source: Texas Business & Commerce Code § 254.001 from the Texas Constitution and Statutes (Texas Legislature) (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.