Bar Exam Uniform Quiz
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An inventor granted a company an exclusive license to manufacture and sell her patented invention for a ten-year period in exchange for a 5% royalty on all sales. The license agreement was silent as to assignment. Two years later, the inventor, wishing to fund a new project, obtained a loan from a bank. As security, she signed a document stating: "I hereby assign to Bank my rights to all future royalties under my license agreement with Company." The bank did not notify the company. A year later, the inventor defaulted on her loan.
Which of the following describes the bank's rights with respect to the royalties? Select one.
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