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A Tale of Two Cases: Mobile Goods Require Uniformity of State Statutes
Nationwide uniformity of commercial laws has always been a fundamental goal of the drafters of Article 9 of the Uniform Commercial Code. One area, though, that has continually eluded standardization is perfection of liens on mobile goods. Financiers of mobile goods, including vehicles, vessels, trailer homes and modular offices, must grapple with arcane certificate of title statutes that vary widely from state to state. Other state statutes that regulate title and lien interests in mobile goods can become a trap for the unwary. The nature of mobile goods makes uniformity among state statutes a compelling issue for financiers.
Two recent Federal Court of Appeals decisions, In re Charles, 323 F.3d 841 (10th Cir. 2003) and In re Kroskie, 315 F.3d 644 (6th Cir. 2003), illustrate the perils of lien perfection on mobile assets. In re Charles, a decision of the 10th Circuit Court of Appeals, addressed a novel perfection issue in Kansas. The facts were as follows: Robert Charles entered into a “Master Lease Agreement” with The CIT Group/Equipment Financing, Inc. (CIT) which gave him a leasehold interest in several trucks. CIT was named as the owner of the trucks on the certificate of title issued by Kansas. Three years later, Charles filed for bankruptcy. The trustee in bankruptcy argued that the “Master Lease Agreement” was a disguised security agreement and that the interest in the trucks was unperfected under Kansas law because CIT was not named as a lienholder on the title certificate.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.