6 Hous. Bus. & Tax L.J. 1 (2005-2006)

handle is hein.journals/houbtalj6 and id is 1 raw text is: MODERNIZING SECURED FINANCING LAW
FOR INTERNATIONAL INFORMATION
FINANCING:
A CONCEPTUAL FRAMEWORK
Raymond T. Nimmer* and Lorin Brennan**
TABLE OF CONTENTS
I.    IN TROD U CTIO N   ........................................................................ 1
II.   AN INFORMATION SECURED FINANCING FRAMEWORK .......... 4
A. Information: Asset-Centric Financing ........................ 4
B. Industrial Goods: Debtor-Centric Financing .............. 7
C. Contrasting Financing Models .................................... 9
III.  INFORMATION   ECONOMICS ................................................... 13
IV.   USING INFORMATION As COLLATERAL ............................. 16
A.  Initial Ownership  Issues ............................................ 16
B.  Registration  Issues ....................................................  21
V.    FINANCING INFORMATION TRANSFERS .............................. 24
A. Identifying the Transfer Interest ............................. 25
B. Current Information Law Practices ......................... 26
C. Comparison with Traditional Secured Financing
L aw   .............................................................................  30
D. Royalty Streams - Accounting Issues ........................ 34
VI.   THE FORM OF THE SECURITY INSTRUMENT ...................... 35
A. The Importance of Title in Information Financing ...... 36
B. The Problem of Mortgage Milking ............................ 38
C. No Ordinary Course Transfers ............................... 40
VII. FINANCING INFORMATION INVENTORY ................................. 41
A.  Contrasting Frameworks ..........................................  41
B.  The Exhaustion  Doctrine ..........................................  42
VIII. REGISTRATION AND RECORDING SYSTEMS ........................... 44
A.  Recording vs. Registry Acts ......................................  45
B.  Territorial Principle  ..................................................  46
C. The WIPO International Register ............................ 49
IX .  C ON CLU SIO N   ......................................................................... 53
I.  INTRODUCTION
Commercial asset value in today's global economy often
resides primarily in knowledge-based assets rather than in the
physical commodities that once dominated the industrial age.
Recognized intellectual property interests, including patents,
copyrights, trademarks, industrial designs and trade secrets,
Leonard Childs Professor of Law, University of Houston
President, Gray Matter LLC

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