A bill to amend title 11 of the United States Code with respect to the rejection of executory contracts licensing rights to intellectual property.

Amends Federal bankruptcy law to provide that if a trustee in bankruptcy rejects an executory contract which licenses rights to intellectual property then the licensee under such a contract may elect to: (1) treat such contract as terminated if specific conditions are met; or (2) retain its rights under such contract as such rights existed immediately before the case commenced.

Provides that if the licensee elects to retain its rights under such a contract then: (1) the trustee shall allow the licensee to exercise such rights; and (2) the licensee shall make all payments due under the contract and shall be deemed to waive certain claims and any right of setoff. Specifies that on the written request of a licensee the trustee shall: (1) to the extent provided in the contracts provide to the licensee any intellectual property held by the trustee; and (2) refrain from interference with the rights of the licensee to intellectual property as provided in the contract.

Provides that prior to a rejection of such a contract and upon the written request of a licensee, a trustee must: (1) perform such contract or provide to the licensee such intellectual property held by the trustee; and (2) refrain from interference with the rights of the licensee as provided in the contract.