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What Are U.S. Creditors' Rights?
Last month's article reviewed cross-border parallel bankruptcy proceedings, and outlined various attempts to cope with the problem. This month, we discuss situations in which the U.S. court finds a real conflict between the laws of two or more countries in the treatment of creditors' claims.
Which Jurisdiction Takes Precedence?
In such situations, the courts will undertake an examination to determine which jurisdiction had the greater connection to the creditors' claims. This is exemplified by a recent case involving parallel plenary insolvency proceedings. Stonington Partners Inc. v. Lernout & Hauspie Speech Products N.V. (L&H), 310 F.3d 118 (3rd Cir. 2002). In that case, L&H, which was incorporated in Belgium and had headquarters in Belgium and the U.S., started two parallel insolvency proceedings, one in Belgium and the other in the U.S. The claimant, Stonington, which had commenced a fraud action against L&H before the latter filed for bankruptcy, filed claims in each of the bankruptcy proceedings based on L&H's alleged fraud. Stonington sought to pursue its claim in the Belgian court, where the claims would not be subject to subordination, rather than in the U.S. court, where Stonington would be considered an insider and its claims would be subordinated under Bankruptcy Code ' 510.
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Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
The Anti-Assignment Override Provisions
UCC Sections 9406(d) and 9408(a) are one of the most powerful, yet least understood, sections of the Uniform Commercial Code. On their face, they appear to override anti-assignment provisions in agreements that would limit the grant of a security interest. But do these sections really work?