Security Interests Over Trademarks in Armenia
Recognition of Security Interests: Armenian law recognizes security interests, also known as collateral rights, over trademarks. This means that trademark rights or trademark applications can be used as collateral for a financial obligation or loan.
Written Agreement Requirement: To establish a security interest in a trademark, a written agreement signed by the parties involved is required. This agreement should clearly specify details such as the nature of the security interest, the amount involved, and the timeframe for fulfilling the underlying obligation. There is no additional requirement for notarization.
Recording with AIPA: While not mandatory for the validity or enforceability of the security rights, security interests may be recorded with the Armenian Intellectual Property Agency (AIPA) upon request from one of the parties. Recording the security interest with the AIPA serves as a way to make it known to third parties and provides additional protection for the party relying on this security interest.
Enforceability: Properly documenting and recording security interests is essential to make them enforceable, especially when dealing with third parties. It helps establish priority and ensures that the security interests are legally recognized.
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LL.M. Georgetown University, licensed to practice in both Armenia (license no. 903) and New York (license no. 5148945)
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