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The statute doesn't seem to limit the selling of derivatives, though... it seems to me that it would be quite straightforward for the artist to simply sell the copyright as well as a call option on the same copyright 35 years in the future. So artist really hasn't lost any rights.

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The statute says that any agreement to grant a license which is made before the date of termination is invalid. That would certainly include an optional license.

It was a common thing before '76, and the current statute is quite clear-- you can't sign anything that would give this right up before it happens.

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