Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
IN THE MARKETPLACE
The Federal Deposit Insurance Corporation has announced that it is selling the remaining $4.2 million performing lease portfolio of Southern Pacific Bank. The leases were originated by Southern Pacific BanCapital, a division of Southern Pacific Bank, which was closed by the California Commissioner of Financial Institutions on February 7, 2003. The portfolio consists of 18 performing middle market leases in two pools: One of lease loans secured by the leased equipment subject to the leases with the lessee; the second consists of direct finance leases. A third non-performing pool comprised of one workout agreement and one defaulted lease in bankruptcy with a combined book value of $4.1 million will also be offered. For more information, visit http://www.fdic.gov/.
Nassau Asset Management of Rosyln Heights, NY, has released a newly enhanced asset tracking system. NASTRAC is a Web-based program that keeps users informed about the status of repossessions, bids, and sales of equipment placements in real time. This newly refined online asset-tracking system, accessed with a password at Nassau's Web site, already has some 2,100 accounts, serving such commercial lenders as banks, leasing companies, credit unions and bankruptcy trustees. For more information, visit http://www.nasset.com/.
CIT Rail Resources of New York announced that following a growing demand from existing and prospective customers, it has placed orders with four manufacturers for 3,050 new railcars, including tank, cement, box, autoflood, coal gons and pressure differential (PD) cars. CIT expects to take delivery of the new equipment over the next 12 months. The new orders will bring CIT's 2002 new car order total to 5200. This is CIT's second order for cement cars in recent months, in response to rising construction activity in the U.S. and Canada, and the fourth order for PDs.
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?