Purpose.

- Main purpose of Ga. L. 1897, p. 81, §§ 1-3 was to so mark patent-right notes that, if possible, purchasers would hesitate to buy the notes even before maturity; and, thus, behind that was the purpose to protect, if possible, those of our population who are too gullible, both by decreasing the number of such purchases (generally worthless) and by affording to those so unwary as to be caught, rights which, as to bona fide purchasers, are not allowed to any other class. Lee v. Hightower, 3 Ga. App. 226, 59 S.E. 597 (1902).

Purpose of former Civil Code 1910, §§ 4293 and 4294 was to place a purchaser of a note, expressing on the note's face that the consideration was a patent right, in the same position as the payee with reference to the note's enforcement. Hunt v. McKinney, 11 Ga. App. 301, 75 S.E. 144 (1912).

Effect of failure to express consideration.

- Note given for a patent right but not expressing upon the note's face its consideration is not void under Ga. L. 1897, p. 81, §§ 1 and 2 in the hands of a bona fide holder. Smith v. Wood, 111 Ga. 221, 36 S.E. 649 (1900); Parr v. Erickson, 115 Ga. 873, 42 S.E. 240 (1902); Lee v. Hightower, 3 Ga. App. 226, 59 S.E. 597 (1907); Hunt v. McKinney, 11 Ga. App. 301, 75 S.E. 144 (1912); Heard v. National Bank, 143 Ga. 48, 84 S.E. 129 (1915) (construing former Ga. L. 1912, p. 153, relating to sales of corporate stock).

If the consideration is not expressed in a patent-right note, the right to enforce the note is governed by the same rules as are applicable to a note founded upon any other valid consideration. Hunt v. McKinney, 11 Ga. App. 301, 75 S.E. 144 (1912).

When endorsee takes subject to defenses.

- It is only when the consideration is expressed in the note that the endorsee, before maturity and for value, takes it subject to all defenses. Parr v. Erickson, 115 Ga. 873, 42 S.E. 240 (1902); Simmons v. Council, 5 Ga. App. 386, 63 S.E. 238 (1908); Ferguson v. Bank of Dawson, 50 Ga. App. 604, 179 S.E. 236 (1935) (construing former Ga. L. 1912, p. 153, relating to sale of corporate stock).

Defenses limited to those between original parties.

- Maker of a note may set up by way of defense, in a suit on the same, all the equities existing between the original parties, or make any defense that one could have made against the original payee; but one cannot set up, against an innocent purchaser of the note before due and without notice, any equities or defenses against every person who may at any time have held the note as a bearer. Tate v. Little, 141 Ga. 799, 82 S.E. 129 (1914).

Am. Jur. 2d.

- 11 Am. Jur. 2d, Bills and Notes, § 121.

C.J.S.

- 10 C.J.S., Bills and Notes; Letters of Credit, §§ 15, 127.

ALR.

- Right to inventions as between employer and employee, 32 A.L.R. 1037; 44 A.L.R. 593; 85 A.L.R. 1512; 153 A.L.R. 983; 61 A.L.R.2d 356.

Assignability of licensee's rights under patent licensing contract, 66 A.L.R.2d 606.

Duration of liability to pay royalty under agreement for publication of material subject to copyright not limited as to time, 69 A.L.R.2d 1317.

Validity of agreement to pay royalties for use of patented articles beyond patent expiration date, 3 A.L.R.3d 770.

Construction and effect of provision of employment contract giving employer right to inventions made by employee, 66 A.L.R.4th 1135.