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Selling 'Free and Clear': Will It Continue?
Section 363(f) of the Bankruptcy Code provides an extraordinary tool to trustees and debtors in possession — the ability to sell property “free and clear.” This unique power, unavailable to a seller outside bankruptcy, not only facilitates the tasks of liquidation or reorganization, but it may even be the critical incentive for entering bankruptcy in the first place. It has now become the principal focus of many Chapter 11 cases.
Section 363 Sales in Chapter 11
Sales of estate assets under 11 U.S.C. ' 363 have always been the primary working tool of Chapter 7 trustees, whose straightforward mission is to sell assets and distribute the proceeds. The sale of assets under Section 363 in Chapter 11 cases, however, has taken longer to win widespread acceptance as a standard part of the reorganization process. The alternative to Section 363 sales in Chapter 11 is the sale of assets as part of a Chapter 11 plan, as recognized by 11 U.S.C. '' 1123(a)(5)(D) (a plan shall “provide adequate means for the plan's implementation, such as … sale of all or any part of the property of the estate, either subject to or free of any lien”) and 1141(c) (“after confirmation of a plan, the property dealt with by the plan is free and clear of all claims and interests of creditors”).
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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.
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?