If 38 Studios does shutter, beyond Rhode Island taxpayers having t' pay off the $75 million bond (plus interest) through 2020, it appears the state will also own the intellectual property a the developer as a parting gift. Reviewing updated documentation released by the Rhode Island Economic Development Corporation (RIEDC) today, it appears 38 Studios put up all present 'n future IP by the company as collateral.

According t' the documentation, 38 Studios' intellectual property rights 'n other collateral be pledged t' the RIEDC 'n assigned t' a trustee, which we've confirmed by pulling Uniform Commercial Code documentation. Any proceeds made from the sale a the collateral would go back t' the bondholders. This covers "all rights, title 'n interest in any projects, including video game projects," such as Kingdoms a Amalur: Reckoning 'n "Project Copernicus" - the title currently in development at 38 Studios.

"Based on what information I've been able t' review on the 38 Studios situation, it appears that the funds they received from the RIEDC be secured by collateral that amounts t' all a 38 Studios assets, including all a their intellectual property," attorney 'n Law a the Game editor Mark Methenitis told Joystiq this afternoon. "That would include all the rights t' Kingdoms a Amalur 'n any other games they may have in development, even if no information about those titles has ever reached the light a day."