This paper reviews that, in 1997, the Bowie bond broke a new frontier in financing by introducing a form of the IP-backed securitization, and purposes to analyze the underlying U.S. legal structure in connection with said issuing by conducting a comparative study in areas of contract law, security interest, bankruptcy law, etc. In particular, this paper distinguishes IP-backed securitization from traditional IP financing, and argues that licensing agreements is the asset backed thereof. In addition, it addresses the regulation of true sale, along with limitations caused by contractual provisions and payment expectation theory, and also explains the voluntary and involuntary bankruptcies with the notion that independent directors of SPV do not ensure bankruptcy remote. It provides the application of public noticing and priority of U.C.C. to further suggest a modification of our civil legal system, and indicates the importance of IP valuation and suitability by adopting of income method to enhance credit rating accuracy. It acknowledges the development following the issuing of Bowie bond, and summaries impediments to success as an overall assessment to this study.