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Uneven, But Positive Net Results for Leasing Industry at Midyear
Consistent with the turbulent and uneven economy as a whole, the up and down results contained in the Equipment Leasing Association's Quarterly Performance Indicators Report (PIR) for the second quarter of 2003 should not come as much of a surprise. In the final analysis, industry members should take solace in the fact that while it has been a fairly wild past 12 months, there has been a net gain in two of the most important indicators: Total Net Portfolio and Total New Business. Certain other indicators, however, produced more mixed results. Specifically, employment in the industry is down while charge-offs are up when compared with the figures from the second quarter of 2002.
Generally a category marked by consistency, the industry's total net portfolio was anything but consistent over the past 12 months. Although net portfolios grew by a modest 1.4% from June 30, 2002 to June 30, 2003, they have also dropped for two consecutive quarters. Total net portfolio for the second quarter 2002 was $58.3 billion, which then dropped slightly to $58 billion in the third quarter of 2002, before ballooning to the 12-month high of $60.2 billion at year's end. The present year showed a first-quarter decrease to $59.7 billion, and for the second quarter the total net portfolio then fell again to $59.1 billion, representing an overall increase of 1.4% from the second quarter of 2002.
Total new business volume was also quite inconsistent over the past year, but closed the midyear of 2003 up by a respectable 10.4% from the second quarter of 2002 after an up and down 12 months. At the close of the second quarter of 2002, new business volume was $9.6 billion, which then dropped to $9.2 billion at the end of the third quarter of 2002. The end of 2002 saw the usual annual gain, rising to the 12-month high of $11.2 billion in new business, but just as quickly, the bottom fell out and new business dropped 25.9% to $8.3 billion in the first quarter of 2003. Fortunately, there was a healthy rebound to $10.6 billion to close out the midyear. While this increase represents a much-needed boost after a disappointing first quarter in 2003, a little more consistency would certainly be a significant salve to the nerves of the industry.
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?