State Codes and Statutes
Statutes > Texas > Business-and-commerce-code > Title-7-receipts-documents-of-title-and-other-instruments > Chapter-254-note-or-lien-identifying-a-patent-right
BUSINESS AND COMMERCE CODE
TITLE 7. RECEIPTS, DOCUMENTS OF TITLE, AND OTHER INSTRUMENTS
CHAPTER 254. NOTE OR LIEN IDENTIFYING A PATENT RIGHT
Sec. 254.001. IDENTIFICATION OF PATENT RIGHT. (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.
Added by Acts 2007, 80th Leg., R.S., Ch.
885, Sec. 2.01, eff. April 1, 2009.
Sec. 254.002. FAILURE TO IDENTIFY PATENT RIGHT; CRIMINAL
PENALTY. (a) A person selling a patent right or patent right
territory may not take a note or lien evidencing or securing the
purchase price for the patent right or patent right territory
without placing on the face of the note or lien the statement
required by Section 254.001(a).
(b) A person who violates this section commits an offense. An
offense under this section is a misdemeanor punishable by a fine
of not less than $25 or more than $200.
Added by Acts 2007, 80th Leg., R.S., Ch.
885, Sec. 2.01, eff. April 1, 2009.
State Codes and Statutes
Statutes > Texas > Business-and-commerce-code > Title-7-receipts-documents-of-title-and-other-instruments > Chapter-254-note-or-lien-identifying-a-patent-right
BUSINESS AND COMMERCE CODE
TITLE 7. RECEIPTS, DOCUMENTS OF TITLE, AND OTHER INSTRUMENTS
CHAPTER 254. NOTE OR LIEN IDENTIFYING A PATENT RIGHT
Sec. 254.001. IDENTIFICATION OF PATENT RIGHT. (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.
Added by Acts 2007, 80th Leg., R.S., Ch.
885, Sec. 2.01, eff. April 1, 2009.
Sec. 254.002. FAILURE TO IDENTIFY PATENT RIGHT; CRIMINAL
PENALTY. (a) A person selling a patent right or patent right
territory may not take a note or lien evidencing or securing the
purchase price for the patent right or patent right territory
without placing on the face of the note or lien the statement
required by Section 254.001(a).
(b) A person who violates this section commits an offense. An
offense under this section is a misdemeanor punishable by a fine
of not less than $25 or more than $200.
Added by Acts 2007, 80th Leg., R.S., Ch.
885, Sec. 2.01, eff. April 1, 2009.
State Codes and Statutes
Statutes >
Texas >
Business-and-commerce-code >
Title-7-receipts-documents-of-title-and-other-instruments >
Chapter-254-note-or-lien-identifying-a-patent-right BUSINESS AND COMMERCE CODE
TITLE 7. RECEIPTS, DOCUMENTS OF TITLE, AND OTHER INSTRUMENTS
CHAPTER 254. NOTE OR LIEN IDENTIFYING A PATENT RIGHT
Sec. 254.001. IDENTIFICATION OF PATENT RIGHT. (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.
Added by Acts 2007, 80th Leg., R.S., Ch.
885, Sec. 2.01, eff. April 1, 2009.
Sec. 254.002. FAILURE TO IDENTIFY PATENT RIGHT; CRIMINAL
PENALTY. (a) A person selling a patent right or patent right
territory may not take a note or lien evidencing or securing the
purchase price for the patent right or patent right territory
without placing on the face of the note or lien the statement
required by Section 254.001(a).
(b) A person who violates this section commits an offense. An
offense under this section is a misdemeanor punishable by a fine
of not less than $25 or more than $200.
Added by Acts 2007, 80th Leg., R.S., Ch.
885, Sec. 2.01, eff. April 1, 2009.
Loading..
Close Window
Loading, Please Wait!
This may take a second or two.
