PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 106 Intellectual property licences and transfers of intellectual property

PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 106

  (1)   If:

  (a)   a security interest is granted in an intellectual property licence; and

  (b)   the intellectual property in which the licence is granted is later transferred; and

  (c)   the licensee of the intellectual property licence continues to hold the licence after the transfer;

the security agreement that provides for the security interest binds every successor in title to the licensor of the intellectual property licence to the same extent as the security agreement was binding on the licensor.

  (2)   If:

  (a)   a security interest is granted in a sub - licence granted under an intellectual property licence; and

  (b)   the intellectual property licence under which the sub - licence is granted is later transferred; and

  (c)   the licensee of the sub - licence continues to hold the sub - licence after the transfer;

the security agreement that provides for the security interest binds every successor in title to the licensor of the sub - licence to the same extent as the security agreement was binding on the licensor.