This Patent Security Agreement is between a patent owner and a company or individual who will claim a security interest in the patent. This agreement covers ownership of both a patent and patent application and is used in conjunction with a promissory note. It also sets out the details regarding the patent which is claimed as security. It is vital that this type of business transaction be set forth in writing. A written Patent Security Agreement will prove invaluable in the event of disagreements, misunderstandings or litigation between the parties. This Patent Security Agreement sets forth the following: Parties: The names of the party granting the patent and the secured party; Recitals: Grantor is the owner of certain patent(s) and gives security interest in the patent(s) to secure a promissory note; Grant of Security Interest: Patent owner grants secured party a security interest in the patent(s); Security Agreement: A Security Agreement which further sets out the rights and remedies of the secured party is attached a Schedule B to this agreement; Signatures: Grantor and secured party must sign this agreement in the presence of a notary public. Protect yourself, your rights and your company by purchasing this attorney-prepared form. This attorney-prepared package includes: General Information Instructions and Checklist Patent Security Agreement State Law Compliance: This form complies with the laws of all states