397. Devolution.

Any patent or application for a patent1 is personal property, without being a thing in action2, and, subject to certain statutory provisions3, any patent or any application for a patent vests by operation of law in the same way as any other personal property4. A patent cannot, however, be taken in execution or reached by a judgment creditor otherwise than by bankruptcy5.

Where the legal owner of a patent is a corporation which ceases to exist, for example by dissolution of a company, an order vesting the patent in the beneficial owner can be obtained