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Fool's Gold: Avoiding Pitfalls of 'Gold Clauses' in Long-Term Leases
All lawyers dealing with transactions involving transfers, assignments or amendments of long-term leases entered into prior to 1934 need to be aware of the possible ramifications of a 'gold clause' in the original lease.
Prior to June, 1933, it was quite common for real estate leases to contain a 'gold clause' requiring payment in 'standard gold coin of the United States, of not less than the present weight and fineness, which is at the present time measured by the standard of weight and fineness observed by the mint and fixed by the laws of the United States of America.' This clause was a hedge against inflation.
In June, 1933, Congress passed legislation rendering unenforceable all obligations, including pre-existing obligations, requiring payment in gold. However, in 1977, 31 U.S.C. ' 5118(d) was amended to permit obligations arising after October 27, 1977 to require payment in gold.
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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.
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.
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.
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?