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Ford Credit to Exit Auto Leasing in New York and Rhode Island
In the May issue, author Pauline Clark discussed the Rhode Island Supreme Court's decision in Oliveira v. Lombardi, 794 A.2d 453 (R.I. 2002), holding that automobile leasing companies may be held liable under the state's vicarious liability statute for the negligence of drivers operating motor vehicles titled in the leasing companies' name. In a clear response to this and other similar cases, Ford Credit has announced that it plans to exit automobile leasing in Rhode Island in October 2003 and in New York after July 9, 2003.
The company noted specifically that Rhode Island's vicarious liability law has already caused finance companies to resolve litigation by making 'significant payouts.' It is hoped, however, that the pullout will not be permanent. Putting the issue squarely in the lap of state lawmakers, Ford credit regional manager, June Awad stated, 'we realize that the Rhode Island legislature is considering legislation that would remedy the situation. Ford Credit fully and actively supports this legislation and, if it is signed into law, we will continue to lease there.'
The company also cited the failure of the New York Legislature to act on a vicarious liability bill that would have eliminated the legal exposure of finance companies. A.J. Wagner, Ford Credit's executive vice president of North America, expressed his disappointment that the New York Legislature recently adjourned without addressing the proposed bill, stating that New York may soon be the only state in the nation where leasing is not an option for consumers.' Recently, a New York jury rendered a $1 million verdict against Ford Credit after a young girl brought suit after her father ran her over with his leased car while she was sunbathing.
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?