Title 11, Chapter 9, Section 321
( 11-9-321)
Licensee of general intangible and lessee of goods in ordinary course of business. (a) "Licensee in ordinary course of business." As used in this Code
section, the term "licensee in ordinary course of business" means a
person that becomes a licensee of a general intangible in good
faith, without knowledge that the license violates the rights of
another person in the general intangible, and in the ordinary course
from a person in the business of licensing general intangibles of
that kind. A person becomes a licensee in the ordinary course if the
license to the person comports with the usual or customary practices
in the kind of business in which the licensor is engaged or with the
licensor's own usual or customary practices. (b) Rights of licensee in ordinary course of business. A licensee
in ordinary course of business takes its rights under a nonexclusive
license free of a security interest in the general intangible
created by the licensor, even if the security interest is perfected
and the licensee knows of its existence. (c) Rights of lessee in ordinary course of business. A lessee in
ordinary course of business takes its leasehold interest free of a
security interest in the goods created by the lessor, even if the
security interest is perfected and the lessee knows of its
existence. |