Q: Hey, what does this mean? "ASSIGNMENT OF OWNERSHIP NOT UPDATED AUTOMATICALLY"
I saw it on a brand trademark I'm interested in purchasing one day.
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A: It literally means exactly what it says... But if you want further explanation please give the exact detailed context of where you saw that...
A:
I you purchase a trademark, then you have to actively record an assignment with the U.S. Patent and Trademark Office (assuming that we are discussing a federally registered mark).
Keep in mind that you cannot purchase a trademark without also purchasing the products or services that have been marketed with it. So, you either have to buy the business with the mark, or at least buy the essential elements of the product so that what you sell under the mark continues to be the same. For example, with a restaurant, you could buy the recipes, or with a clothing line, you could buy the designs for the clothes, or something along those lines. Otherwise, the transfer of the mark is invalidated as an "assignment in gross."
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