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4 4 intellectual property rights: IPRs 1) 2) 3) UNCITRAL UNCITRAL Legislative Guide on Secured Transactions 4) Legislative Guide on Secured

5 5 Transactions Supplement on Security Rights in Intellectual Property 5) 6) security agreement knowledge-based economy 7) 8)

6 6 industrial age information age 9) 10) information and communications technology: ICT IP intellectual property financing 11) market acceptance obsolescence 12) IP

7 7 patent utility model copyright trademark design 13) 14) 15) fiduciary transfer of title 16)

8 8 17) 18) 19)

9 9 20) 21) 22)

10 10 UNCITRAL 23) 24) a 25) b c 26) functional approach 27) licensee licensor 28) 29)

11 11 A A A pool A A B license B B B C C C D D D

12 12 E E E F original equipment manufacturer: OEM F F F OEM F OEM F G F G G G F G G 30)

13 13 31) UNCITRAL 32) 33)

14 14 34) 35) 36) 37)

15 15 escrow indemnification representation

16 16 life cycle 38) 39)

17 17 centralized and integrated registry 40) secondary market 41) 42) IPO

18 18 going concern liquidating business replacement highest and best usage market potential 43) valuation cost approach market approach income approach 44) 45) appropriate circumstances appropriate value

19 19 appropriate method 46) 47)

20 20 48) 49) 50) marginal cost

21 21 freeware open source 51) 52)

22 22 53) 54) sale and license-back 55) PEF

23 23 56) 57) 58) special purpose vehicle: SPV assetbacked securities: ABS 59) 60) ABS asset-based lending: ABL 61)

24 24 source ABL 62) 63) software escrow 64) 65)

25 25 e e-mp auction e-mp KAMCO 66) 67)

26 26 68) UNCITRAL

27 27 ABL e

28 28 Ara A. Babaian, Striving for Perfection: The Reform Proposals for Copyright-Secured Financing, 33 Loyola of L.A. Law Review 1205 (2000). Ariel Glasner, Making Something out of Nothing the Trend towards Securitizing Intellectual Property Assets and the Legal Obstacles that

29 29 Remain, 3 Journal of Legal Technology Risk Management 27 (2008). Brian W. Jacobs, Using Intellectual Property to Secure Financing after the Worst Financial Crisis Since the Great Depression, 15 Marquette Intellectual Property Law Review 450 (2011). Lee G. Meyer, Bruce H. White and William L. Medford, Intellectual Property in Today s Financing Market, American Bankruptcy Institute Journal (March 2000). William J. Murphy, Proposal for a Centralized and Integrated Registry for Security Interests in Intellectual Property, 41 IDEA 297, The Journal of Law and Technology (2002). Xuan-Thao Nguyen, Collateralizing Intellectual Property, 42 Georgia. Law Review 5 ( ). Aleksandar Nikolie, Securitization of Patents and its Continued Viability in Light of the Current Economic Conditions, 19 Alberny Law Journal of Science & Technology 393 (2009). Jacquelyn Dal Santo, Intellectual Property Income Projections: Approaches and Methods, Robert F. Reilly and Robert P. Schweihs (ed.), The Handbook of Business Valuation and Intellectual Property Analysis, McGraw-Hill, < Naver.com, Google.com < <

30 30 The Journal of Intellectual Property Vol.8 No.3 September 2013 IP Security Agreement, and Rights and Obligations of Relevant Parties Whon-Il Park Abstract In the Information Age, the intellectual property rights (IPRs) are increasingly important as collateral for financing. On the international scene, in 2007, UNCITRAL established the Legislative Guide on Secured Transactions. A few years later, after intensive discussions and deliberations, the Legislative Guide on Secured Transactions Supplement on Security Rights in Intellectual Property was adopted by UNCITRAL. In Korea, while the individual law provides for the collateralization of each IPR, a new Act on Security Interests in Movable Properties, Receivables, etc. stipulates special provisions on IPRs to facilitate financing for small and medium-sized enterprises. Nowadays, although the asset value of intellectual properties increases, a poor evaluation of such value has hampered active utilization of intellectual properties as collateral. A creative and adventurous method is necessary to take collateral of such assets as unpredictable IPRs which become easily obsolete and hard to maintain. The new Act has made a new type of security interest, apart from pledge or fiduciary transfer of title, on the IPRs being created by means of electronic registration. What kind of provisions with respect to IPRs should be contained in the security agreement? Such IPRs should be identifiable, and collateralization process and evaluation methods should be set forth with investment risk being appropriately mitigated, in particular, in case

31 Korea Institute of Intellectual Property Korean Intellectual Society 31 of determining liquidation or reorganization of the debtor company. The above-mentioned evaluation method should be modified to reflect the improved performance of such IPRs. In view of the current government policy to encourage the creative economy, innovative measures are expected to involve the public sector to conduct part of IPR valuation job or the financial institutions to bear lessor risk on IPR-based lending. Furthermore, asset-backed securitization of stable cash flows generating from IPRs or software/database e-market place could be considered to secure brisk transactions thereof. Keywords intellectual property right, value evaluation, electronic collateral registration, digital information right, software escrow

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07_À±¿ø±æ3ÀüºÎ¼öÁ¤ 232 233 1) 2) Agenda 3) 4) 234 Invention Capital Agenda 5) 6) 235 7) 8) 9) 236 10) 11) 237 12) 13) 14) 15) knowledge 16) 17) 238 239 18) 240 19) 241 20) 242 243 244 21) 245 22) 246 23) 247 24) 248 25)