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Many parties obtain U.S. patents every year. Sometimes there are errors or deficiencies in these patents. Many minor errors may be corrected by means of a certificate of correction issued by the U.S. Patent and Trademark Office (USPTO). But more serious errors, and even some things that one may not think of as being "errors," may be corrected by means of filing a reissue application. According to statute:
"Whenever any patent is, through error, deemed wholly or partially inoperative or invalid, by reason of a defective specification or drawing, or by reason of the patentee claiming more or less than he had a right to claim in the patent, the director [of the USPTO] shall … reissue the patent for the invention disclosed in the original patent, and in accordance with a new and amended application, for the unexpired part of the term of the original patent. No new matter shall be introduced into the application for reissue." See, 35 U.S.C. Section 251(a).
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The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
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