N.Y. General Business Law Section 550
Negotiable notes given for patent rights

Notwithstanding article three of the uniform commercial code, a negotiable promissory note, the consideration of which consists wholly or partly of the right to make, use or sell any invention claimed or represented by the vendor at the time of sale to be patented, must contain the words “given for a patent right” prominently and legibly written or printed on the face of such note above the signature thereto; and such note in the hands of any purchaser or holder is subject to the same defenses as in the hands of the original holder; but this section does not apply to a negotiable note given solely for the purchase price or the use of a patented article.

Source: Section 550 — Negotiable notes given for patent rights, https://www.­nysenate.­gov/legislation/laws/GBS/550 (updated Sep. 22, 2014; accessed May 4, 2024).

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Accessed:
May 4, 2024

Last modified:
Sep. 22, 2014

§ 550’s source at nysenate​.gov

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