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Vigilance and Planning Are Necessary in Bankruptcy Matters
Two recent decisions by the U.S. Court of Appeals for the Seventh Circuit have attracted the attention of leasing lawyers. Both of those cases demonstrate that landlords and tenants alike may be taken by surprise by the operation of the Bankruptcy Code.
The first decision that created quite a stir involved a landlord's bankruptcy. While at first reading the facts and outcome of the case seem devastating to tenants, further analysis proves that the true lesson of the case may simply be that the tenant must vigilantly protect its rights if its landlord is in bankruptcy.
In Precision Industries, Inc. v. Qualitech Steel SBQ, LLC, 327 F.3d 537 (7th Cir. 2003) the court held that the sale of the debtor's assets, including property that was subject to a ground lease, was a sale free and clear of the tenant's interest, thereby extinguishing the tenant's leasehold interest. In this case, Qualitech Steel, the debtor, ground leased land at its steel mill facility to Precision. The tenant then proceeded to construct a warehouse on the leased land as part of an integrated, on-site, supply and services arrangement with Qualitech. The ground lease had a term of 10 years and called for the payment by Precision to Qualitech of an annual rent of $1.
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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?