New York § 550 - 550Negotiable notes given for patent rights

§ 550. 550Negotiable notes given for patent rights

§ 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.