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Strategies for Securing Against Tenant Defaults
This two-part article describes some of the strategies that a landlord might utilize to protect itself from the impact of a tenant default or bankruptcy as it structures leasing transactions. The realization that landlords have become more security conscious will cause tenants to prepare themselves better to structure a deal that will accommodate the landlord's needs with the least possible burden.
In the past, landlords and their lawyers did not focus on the need for protection from the effects of a tenant default where the tenant was financially strong and well established. The belief that they were dealing with high-credit tenants gave landlords comfort against the economic consequences of default. The fallout from the failures of the likes of Enron and Arthur Anderson caused landlords to exercise a renewed caution in their dealings with even the strongest of prospective tenants, and of course, the subsidiaries and affiliates of those entities.
The protection of the landlord's interest begins with the review of the lease provisions to measure the tenant's performance of its monetary and non-monetary obligations and moves on to the analysis of the lease's default provisions and economic security devices such as security deposits and letters of credit. The first part of this article will discuss the early warning signals and the use of guaranties to protect the landlord. The conclusion will describe several other devices available for the landlord's protection.
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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.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?
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.