This document is a collateral assignment of intellectual property. It details the collateral assignment, the scope of the assignment, representations and warranties, default remedies, and all other aspects generally found in an assignment agreement.
The Wisconsin Collateral Assignment of Intellectual Property is a legal document that allows a debtor to use their intellectual property as collateral for a loan or obligation. This agreement provides the lender with rights to the debtor's intellectual property in case of default or non-payment. In Wisconsin, there are two main types of Collateral Assignment of Intellectual Property: 1. General Assignment: This type of assignment grants the lender a general security interest in all the debtor's present and future intellectual property assets. It includes patents, trademarks, copyrights, trade secrets, and other intangible assets. The lender has the right to enforce and sell the assigned intellectual property to recover the debt in case of default. 2. Specific Assignment: This type of assignment involves granting the lender a security interest in a specific intellectual property asset or a limited number of assets. For example, the debtor might assign a particular patent or trademark as collateral. This type of assignment may be used when the debtor wants to retain ownership and control over other intellectual property while still using certain assets as collateral. The Wisconsin Collateral Assignment of Intellectual Property typically includes the following key elements: 1. Identification of the parties: The document includes the names and addresses of the debtor (assignor) and the lender (assignee). 2. Description of collateral: It specifies the intellectual property assets being assigned as collateral, including patents, trademarks, copyrights, trade secrets, and any related rights or applications. 3. Security interest: The agreement clearly states that the debtor is assigning a security interest in the intellectual property to the lender, which grants the lender rights in case of default. 4. Representations and warranties: The assignor represents that they have the right to assign the intellectual property and that it is free from any encumbrances or claims. 5. Default provisions: The document outlines the events that would constitute default, such as non-payment or breach of the loan agreement. It also specifies the remedies available to the lender in case of default, including the right to enforce and sell the intellectual property. 6. Governing law and jurisdiction: The agreement states that it is governed by Wisconsin law, and any disputes will be resolved through arbitration or in a Wisconsin court. In conclusion, the Wisconsin Collateral Assignment of Intellectual Property is a crucial legal document that ensures the lender's rights over the debtor's intellectual property in case of default. By granting a security interest in either all or specific intellectual property assets, this agreement allows debtors to secure loans or obligations while using their intellectual property as collateral.
