§ 552. Notes given for patent-rights. A person who takes, sells or transfers a negotiable promissory note within article three of the uniform commercial code, knowing the consideration of such note to consist in whole or in part, of the right to make, use or sell, any patent invention or inventions, or any invention claimed or represented to be patented, without having the words "given for a patent-right" written or printed legibly and prominently on the face of such note above the signature thereto, is guilty of a misdemeanor.

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Terms Used In N.Y. General Business Law 552

  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC