Extension

This term is applied among merchants to signify an agreement made tween a debtor and his creditors, by which the latter, in order to enable the former, embarrassed in his eireuuistane, trieve bis standing, agree to wait for a definite length of time after their several claims become due and payable, before they will demand payment It is often done by the issue of notes of various maturities. ag the French, a similar agreement is EXTENSION OF PATENT (sometimes termed Renewal of Patent). Under the earlier patent acts (1836 and 1848) a patent was granted for the term of fourteen years. But the law made provision that when any patentee, without neglect or fault on his part, had failed to obtain a reasonable remuneration for the time, ingenuity, and expense bestowed upon the same and the introduction thereof into use, he might obtain an extension of such patent for the term of seven years longer. No extension could be granted after the patent had once expired. The extension was intended for the sole benefit of the inventor; and where it was made to appear that he would receive no benefit therefrom, it would not be granted. The assignee, grantee, or licensee of an interest in the original patent retained no right in the extension, unless by reason of some stipulation to that effect. Where any person had a right to use a specific machine under the original patent he still retained that right after the extension. By act March 2, 1861, it was provided that patents should be granted for the term of seventeen years and further extension was forbidden. Congress may still extend a patent.