Patent Security Agreement
There is nothing in the intellectual property security agreements to indicate that Raffel transfers ownership of patents to banks; On the contrary, the agreements explicitly state that Raffel recognizes a « safeguard interest » for its intellectual property. Therefore, the granting of a guarantee interest in its patents to PrivateBank and East West Bank did not assign ownership to the banks. The cost of registering an IP security agreement with the USPTO with respect to ownership in a trademark registration and/or trademark application is forty dollars (40 $US) for the first property and 25 $US for each additional property in the same document. As explained in a previous article, in order to enhance a security interest in U.S. intellectual property, a secured creditor must (i) file a UCC-1 financing statement with the state in which the debtor has its registered office or office if it has more than one registered office and (ii) an abbreviated IP security agreement with the United States Patent and Trademark Office (USPTO) and/or the United States n. Office (USCO), if applicable….
