Legal Question in Intellectual Property in Texas
IP rights if company folds
I used to work for a biotech company whose policy included
complete transfer of intellectual property to the company. Soon
after completing two provisional patent applications for inventions
of mine I was laid off for budget reasons. Also, I had mentioned a
third invention I was interested in developing. The company has
been rigid in requiring me to sign over my first two inventions, but
they never filed the provisional applications, nor did they develop
the inventions. Now the company may go out of business. Can I
get my inventions back?
2 Answers from Attorneys
Re: IP rights if company folds
Probably not. From your description, it seems probable that your inventions are within the ambit of your invention agreement with the company. You are not authorized to take back the invention just because the company does not market it. The invention will normally become part of the bankruptcy estate of a bankrupt company, and thus be available for the trustee to sell.
If the invention was outside the scope of your job and did not relate to your employer's business, it probably would be outside the agreement and remain yours.
If you give me specifics, I can give you specific answers...at my standard hourly rate.
Re: IP rights if company folds
Unless there was something special in your employment agreement, I doubt if you have any right to get your inventions. However, if the company is strapped for cash, they might sell them to you for a nominal sum.
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