Against the backdrop of the rise of technology-intensive industries and the increasingly significant trend of asset-lightening of enterprises, the financing function of intellectual property as an encumbered asset has attracted great attention. Intangible assets, such as patents, trademarks and copyrights, are gradually entering the field of traditional secured transactions. However, in secured practice, problems such as unclear ownership, fluctuating valuation, enforcement difficulties and lack of harmonization of cross-border regimes frequently occur, constituting the core of the legal risks of intellectual property financing. At the same time, the court's function of interpreting the system and guiding the path in its decisions has become more and more prominent, and has become an important source of rule growth. This article analyzes the representative jurisprudence of China, the United States and the United Kingdom, discusses how the court responds to the key issues of the certainty of the collateral, the effectiveness of the registration and the enforcement path, and summarizes a number of directions for the construction of the system from the logic of the judiciary, and then puts forward the proposal of the path of risk management. The paper argues that the courts have gradually become the actual shapers of the security system at the stage when the rules are not yet clear, and their decisions not only adjudicate individual cases, but also implicitly have a guiding effect on the behavior of future transactions.
Zengkai Shao (Fri,) studied this question.