7 ms·
I'm not a lawyer, but my understanding that the effectively J.P. Morgan now owns the patents (unless a court somehow unwinds the deal) and why the assignment wa
by kguttag 7y ago
I'm not a lawyer, but my understanding that the effectively J.P. Morgan now owns the patents (unless a court somehow unwinds the deal) and why the assignment was registered with the USPTO. The patents are then being licensed back to Magic Leap. In this way if Magic Leap defaults, J.P. Mogan simply owns the I.P. like if you pawn something and default on the payback terms.
- ineedasername 7y agoIt looks like the IP was simply collateral. So as long as Magic Leap repays the loan, they still own the IP. Well, as much as you own a house that has a mortgage anyway.
- egdod 7y ago> The patents are then being licensed back to Magic Leap. Do you have any evidence for that idea, or are you just making things up?
- jonas21 7y agoAt the very top of the PDF, it says this is a patent security agreement, which is a common way to use patents as collateral for a loan. JP Morgan will only own the patents if Magic Leap defaults on the loan. You can read more about patent security agreements here: https://www.ipwatchdog.com/2012/06/21/getting-a-loan-with-your-patents/id=25716/ https://www.ipwatchdog.com/2012/06/21/getting-a-loan-with-yo...
- berberous 7y agoNo, this is a short-form IP security agreement that's customarily used by a secured lender to perfect its security interest in IP collateral. If you want more details, this page explains why these forms are necessary: https://www.whitecase.com/publications/article/perfecting-security-interests-united-states-patents-trademarks-and-copyrights https://www.whitecase.com/publications/article/perfecting-se.... Ownership does not transfer to the secured lender as a result of this filing.