Section 550. Negotiable notes given for patent rights  


Latest version.
  • 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.