§ 34.1-9-321 — Licensee of general intangible and lessee of goods in ordinary course of business

Wyoming § 34.1-9-321

• Jurisdiction: Wyoming
• Title 34.1: Uniform Commercial Code
• Art. 9: SECURED TRANSACTIONS

Text

(a) In this section, "licensee in ordinary course of
business" means a person that becomes a licensee of a general
intangible in good faith, without knowledge that the license
violates the rights of another person in the general intangible
and in the ordinary course from a person in the business of
licensing general intangibles of that kind. A person becomes a
licensee in the ordinary course if the license to the person
comports with the usual or customary practices in the kind of
business in which the licensor is engaged or with the licensor's
own usual or customary practices.
(b) A licensee in ordinary course of business takes its
rights under a nonexclusive license free of a security interest
in the general intangible created by the licensor, even if the
security interest is perfected and the licensee knows of its
existence.
(c) A lessee in ordinary course of business takes its
leasehold interest free of a security interest in the goods
created by the lessor, even if the security interest is
perfected and the lessee knows of its existence.