The Patent Act provides that applications for patents, granted patents, and any related interests are fully assignable and transferable. [123] The act specifically requires that the transfer must be effected by a written instrument. [124] Such instrument should contain language evidencing a clear and unmistakable intent to transfer ownership and must be executed by the patentee or its assignees. [125] Generally, a patent assignment conveys the exclusive right to make, sell, or use a particular invention, although in many instances assignments are effected to convey an undivided ownership interest in the patent. [126] A valid assignment will put the assignee in control of a patent standing to enforce any and all rights thereunder. [127] Additionally, a deed of assignment should expressly provide the assignee with the right to sue for past infringement. [128]

The Patent Act specifically addresses the issue of timely recordal of assignment documentation. [129] The Patent Act states,

In the event of conflicting transfers of title in the same patent or patent application, the Patent Act gives the first purchaser a 90-day window in which to record. Even if a subsequent purchaser records before the original purchaser, the first purchaser will prevail if it records within the statutorily-granted 90-day period. However, the public policy behind the statute is intended to protect the interests of bona fide subsequent purchasers of patents who have acted without notice of a prior, unrecorded assignment. [130] A subsequent purchaser who has actual or constructive notice will not be able to employ the protective measures of the patent recordal statute. [131]