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Research Paper

Leveraging Knowledge Assets

Norman Siebrasse¹ & Catherine Walsh²
August 2002

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1. Introduction

1.1 Purpose of this Report
1.2 Federal versus Provincial Intellectual Property Rights
1.3 IPR-Related Intangible Assets

2. Valuation Challenges

2.1 Introduction
2.2 Limited legal life
2.3 Limited economic life
2.4 Idiosyncratic value
2.5 High Use Value Versus Low Liquidated Value
2.6 Uncertain Validity or Enforceability
2.7 Impact on Valuation of IPR-Associated Collateral
2.8 Possible Responses

2.8.1 Introduction
2.8.2 Substantive IP Law Reform
2.8.3 Reform of Framework for IP-Based Secured Transactions
2.9 Summary and Recommendations

3. Uncertainties in Existing Law and Practice Related to Security in IPRs

3.1 The Problem
3.2 The Need for Reform
3.3 Generic Federal Registry Reforms
3.4 Summary and Recommendations

4. Possible Reform Strategies

4.1 Overview
4.2 Constitutional Bases for Reform Alternatives

5. The Provincial Approach

5.1 Introduction
5.2 Implementation of the Provincial Approach

5.2.1 Need for Federal Choice of Law
5.2.2 Resolving Priority between a Secured Creditor and an Assignee of the same IPR
5.3 Search Burden Problems Posed by Chain of Title Considerations

5.3.1 General
5.3.2 Foreign Debtors
5.3.3 "Gateway" Searching
5.3.4 Debtor Name vs Asset Specific Registration-Search Criterion
5.4 Reformed Federal Registry
5.5 Inconsistency of Choice of Law Rule with Other Jurisdictions
5.6 Summary and Recommendations

6. The Federal Approach

6.1 Introduction
6.2 Pure or Mixed Approach

6.2.1 Recommended Approach
6.2.2 Alternative Mixed Approach
6.3 Reforms to the Federal Registry System

6.3.1 Basic Reforms
6.3.2 Notice Filing
6.3.3 Integrated or Separate Charge and Ownership Registries
6.3.4 After-acquired Property and Asset Indexing
6.3.5 Copyright and Asset Based Searching
6.3.6 Search and Registration Burden
6.3.7 Title Guarantee System
6.4 Scope

6.4.1 Security in Provincial IPRs
6.4.2 Security in Unregistered Copyrights
6.4.3 Security in Royalties and Debtor/Licensor's Contract Rights
6.4.4 Security in Licensees Interest in a Licence
6.5 Summary and Recommendations

7. Licences

7.1 Introduction
7.2 Ordinary course licencing transactions

7.2.1 Introduction
7.2.2 Nature of the Rule
7.2.3 Scope of the Rule
7.3 Security interest in licensee's interest in licence

7.3.1 Validity
7.3.2 Anti-Assignment
7.4 Security interest in licensor's interest in a licence

7.4.1 Anti-Assignment
7.4.2 True licence v financing licence
7.5 Summary and Conclusions

8. Enforcement

9. Conclusions

10. Bibliography

11. Review of Summaries and Recommendations

11.1 Valuation Challenges
11.2 Uncertainty in Existing Law and Practice
11.3 The Provincial Approach
11.4 The Federal Approach
11.5 Licences