Texas Business and Commerce Code 254.001 – Identification of Patent Right
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(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.
Terms Used In Texas Business and Commerce Code 254.001
- Lien: A claim against real or personal property in satisfaction of a debt.