New York § 550 Negotiable notes given for patent rights

New York Statutes

§ 550 — Negotiable notes given for patent rights

New York § 550

Law GBSGeneral Business

Art. 29-DNotes Given For Patent Rights and For a Speculative Consideration

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Bluebook

N.Y. General Business § 550 (2026).

Text

  § 550. Negotiable notes given for patent rights. Notwithstanding\narticle three of the uniform commercial code, a negotiable promissory\nnote, the consideration of which consists wholly or partly of the right\nto make, use or sell any invention claimed or represented by the vendor\nat the time of sale to be patented, must contain the words "given for a\npatent right" prominently and legibly written or printed on the face of\nsuch note above the signature thereto; and such note in the hands of any\npurchaser or holder is subject to the same defenses as in the hands of\nthe original holder; but this section does not apply to a negotiable\nnote given solely for the purchase price or the use of a patented\narticle.\n

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§ 550. Negotiable notes given for patent rights. Notwithstanding\narticle three of the uniform commercial code, a negotiable promissory\nnote, the consideration of which consists wholly or partly of the right\nto make, use or sell any invention claimed or represented by the vendor\nat the time of sale to be patented, must contain the words "given for a\npatent right" prominently and legibly written or printed on the face of\nsuch note above the signature thereto; and such note in the hands of any\npurchaser or holder is subject to the same defenses as in the hands of\nthe original holder; but this section does not apply to a negotiable\nnote given solely for the purchase price or the use of a patented\narticle.\n