Abstract
With a few exceptions, Spanish law does not have specific rules relating to securities over IP and most of the issues concerning attachment and perfection requirements; priorities; and enforcement proceedings (both in an insolvency scenario and outside of one) must be resolved using the general rules relating to security rights. A chattel mortgage is the only type of security interest over IP rights that is explicitly recognized by Spanish law. Accordingly, the requirements for making a security interest effective against third parties; the priority to be given to the security interest; and the enforcement of this security interest are similar to those applied to the rest of the chattel covered by the mortgage, although some additional requirements must be met. The effectiveness of the security right against third parties and the priority of the secured creditor over competing claimants is conditional upon the registration of the mortgage in the Registry of Movable Goods. Registration in “special registries” (i.e. the Intellectual Property Registry and the Spanish Patent and Trademark Office) is merely for informative purposes. Outside of insolvency, enforcement of the mortgage must be undertaken through the public sale of the mortgaged rights, which is normally implemented through an auction procedure that is supervised by a judge or (subject to strict conditions) by a notary public. This chapter surveys and analyses the regulation of security interests over IP rights in Spain; identifies the main challenges posed by the current legislation; and attempts to better understand why IP rights are not seen as suitable collateral to be used within the framework of secured transactions.
This chapter has been produced within the framework of the research project “Financiación internacional: función de las garantías mobiliarias” (DER2017-85585-P).
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Notes
- 1.
The Spanish Official State Gazette published the text of the Act on July 25, 2015, but it has only been in force since April 1, 2017.
- 2.
Note, however, that Spain decided not to join the European Unitary Patent and Unified Patent Court System because of the exclusion of Spanish as an official language of the system.
- 3.
Article 26 IPA. There are specific calculation rules for posthumous, pseudonymous, and anonymous works (Article 27); works of joint authorship and collective works (Article 28); and works published in parts (Article 29).
- 4.
Transitional Disposition 4 IPA. The exploitation rights conferred on performers run for 50 years starting from January 1 of the year following that of the performance.
- 5.
The owner of an unregistered well-known mark has the right to: file (a) an opposition to an application for registration of a sign that is identical or confusingly similar to its own, for identical or similar goods; (b) a civil action to invalidate an identical or similar trademark registered for identical or similar goods; and (c) a civil action against the unauthorised use of the unregistered mark for identical or similar goods.
- 6.
Article 4.1 PA.
- 7.
Article 4.4 PA.
- 8.
Article 5 PA.
- 9.
Article 58 PA.
- 10.
Article 4 TMA.
- 11.
Article 5 TMA.
- 12.
See Article 6.1 TMA. The term “earlier trademark” is defined in Article 6.2 TMA.
- 13.
See Article 7 TMA.
- 14.
See Article 8 TMA.
- 15.
See Articles 9–10 TMA.
- 16.
- 17.
Article 13 CMNDPA. In the case of intellectual property rights, this identification may consist of the enumeration of the specific rights which will be encumbered or of a simple statement that all of the exploitation rights contained in Article 17 and following LOPI are encumbered. Article 43.2 IPA includes a “delimitation rule” of the mortgaged rights for cases where the parties did not provide this identification. It is possible to mortgage several of the exploitation rights of a single work or of several works. In the latter case, it is necessary to identify the share of the debt that corresponds to the exploitation rights of each encumbered right.
- 18.
Article 46.1 CMNDPA.
- 19.
Although according to Article 1 CMNDPA the constitution of mortgages of patrimonial rights that are not exploitation rights is allowed, in practice, this possibility involves serious uncertainties. First, it is doubtful whether a compensatory remuneration right for private copies can be mortgaged. Some authors rule out this possibility for these cases, and as the collateral is a receivable, accordingly the rules on pledges of receivables should be applied. See Marco (2017), Art. 53, pp. 958–959. Other scholars consider that even in these cases, the mortgage extends to the receivables; see Carrasco (2015), Ch. 24, 19. Secondly, some scholars reject the constitution of mortgages of the resale right with the argument that, according to Article 6 Ley 3/2008, the resale right can only be transmitted by means of mortis causa acts; see Carrasco (2015), Ch. 24, 19.
- 20.
- 21.
Article 46.4 CMNDPA and Articles 23 and 57.2 IPA. See Jiménez (2018), p. 59.
- 22.
Article 49 CMNDPA.
- 23.
The economic justification for such an agreement is found in the gradual reduction of the intellectual property right’s value.
- 24.
See Articles 13–21.
- 25.
Article 45.1 CMNDPA.
- 26.
Article 45.4 CMNDPA.
- 27.
Article 62.4 MA. See also Carrasco (2015), Ch. 24, 21.
- 28.
See Lobato (2007), p. 789.
- 29.
- 30.
According to Article 8 Royal Decree 3837/1970, in the case of the chattel mortgage of cinematographic works, the public deed must also include additional information to help in identifying the works (e.g. title, footage, the name of the director and the screenwriter, etc.).
- 31.
Carrasco (2015), Ch. 24, 19.
- 32.
See Sect. 1.
- 33.
Article 46.3 CMNDPA.
- 34.
- 35.
Articles 76.2 CMNDPA, 26 RHMPSD, 46.3 TMA and 82.7 PA.
- 36.
Although Article 46.3 TMA provides that “The legal acts envisaged in the previous paragraph shall be binding on third parties acting in good faith only after entry in the Register of Trademarks”, nevertheless, a considerable number of scholars and some judgments (Supreme Court Judgment of 6 June 2007) also think that the moment at which the mortgage becomes effective erga omnes is upon registration in the Registry of Movable Goods.
- 37.
Due to its indefeasible nature, patrimonial rights over Intellectual Property rights cannot be included within the insolvency estate in cases where the insolvency debtor is the author. However, such rights can be included within the estate when they have previously encumbered by a chattel mortgage See Carbajo (2009), p. 356.
- 38.
Article 90 Insolvency Act.
- 39.
Article 157.2 Insolvency Act.
- 40.
Article 155.2 Insolvency Act.
- 41.
See Sect. 7.
- 42.
Article 48.1 CMNDPA.
- 43.
Article 109.4 PA, Article 55.2 TMA, and Article 73.2 IDA.
- 44.
The doctrinal debate on this question is thoroughly explained in Rodríguez (2005), pp. 172–178.
- 45.
See Sect. 7.1.
- 46.
See Article 51.2 CMNDPA.
- 47.
Article 40 TMA, Articles 52–53 IDA, and Article 71 PA.
- 48.
Article 117.2 PA.
- 49.
Rules relating to the auction of moveable property are contained in Articles 643–654 CPA.
- 50.
See Article 640 CPA.
- 51.
Articles 641–642 CPA.
- 52.
Article 87.1 CMNDPA.
- 53.
Article 86 CMNDPA.
- 54.
Article 56.2 IA.
- 55.
Article 57.3 IA.
- 56.
See Sect. 4.1.
- 57.
See Article 5 bis (4)(iv). Security interests subject to the special regime on financial collateral will always escape this automatic stay.
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Cervantes, I.H. (2020). Security Rights in Intellectual Property in Spain. In: Kieninger, EM. (eds) Security Rights in Intellectual Property. Ius Comparatum - Global Studies in Comparative Law, vol 45. Springer, Cham. https://doi.org/10.1007/978-3-030-44191-3_25
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