(d) Priority Between Conflicting Transfers. As between two conflicting
transfers, the one executed first prevails if it is recorded, in the
manner required to give constructive notice under subsection (c), within
one month after its execution in the United States or within two months
after its execution outside the United States, or at any time before
recordation in such manner of the later transfer. Otherwise the later
transfer prevails if recorded first in such manner, and if taken in good
faith, for valuable consideration or on the basis of a binding promise
to pay royalties, and without notice of the earlier transfer.
(e) Priority Between Conflicting Transfer of Ownership and Nonexclusive
License. A nonexclusive license, whether recorded or not, prevails over
a conflicting transfer of copyright ownership if the license is
evidenced by a written instrument signed by the owner of the rights
licensed or such owner's duly authorized agent, and if
(1) the license was taken before execution of the transfer; or
(2) the license was taken in good faith before recordation of the
transfer and without notice of it.
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