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In Re: Xmh Corp.,

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ARGUED FEBRUARY 11, 2011

Before BAUER, POSNER, and WILLIAMS, Circuit Judges.

This appeal (actually there are multiple appeals, but only one needs to be discussed-the others are academic in light of our decision) presents two questions about the assignability of trademark licenses, in the context of a bankruptcy proceeding. The first is whether a trademark license is assignable (that is, salable) without the licensor’s permission, in the absence of a clause in the agreement stating that it is assignable. The second is whether a trademark license can be “implied” in an agreement that does not say it’s a trademark license.

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