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In The Marketplace
Orion First Financial, LLC of Gig Harbor, WA and Alliance Funding Group, Inc. of Anaheim, CA have announced the formation of a new joint venture, Alliance Financial, LLC. The joint venture has established a revolving line of credit with PFF Bank and Trust to warehouse leases originated by Alliance Funding Group, Inc. The new venture bundles the warehoused leases into portfolios and the lease receivables are sold to Union Safe Deposit Bank under a permanent funding facility. Orion First Financial, LLC will provide lease servicing and administrative services to Alliance Financial, LLC and Union Safe Deposit Bank.
Equilease Financial Services, Inc. of South Norwalk, CT has announced the acquisition of a transportation lease portfolio comprised substantially of over-the-road car carriers from a regional bank leasing company. The portfolio consists of 62 schedules aggregating $6.9 million of gross receivables and total original equipment cost of $9.9 million. The average remaining term and seasoning was 32 and 25 months, respectively. The purchase was the fifth portfolio purchase by Equilease since September 2003. The total amount of receivables purchased since September by Equilease was $52.2 million comprised of 589 lease/loan schedules having an aggregate original equipment cost or original balance of $139.5 million.
Fleet Capital Leasing of Providence, RI has announced that Ron Chamides, president and chief executive officer of Fleet Capital Leasing, has been selected to run the combined leasing businesses resulting from the merger of FleetBoston Financial with Bank of America Corporation. With more than $25 billion in assets, 1000 employees, and operations across the United States and Europe, Bank of America Leasing will be one of the largest bank-owned lessors in the country. The merger is still subject to pending regulatory and shareholder approval. Chamides has more than 25 years of experience in the leasing industry in a wide range of market sectors and products. He joined Fleet Capital Leasing in 1992 and successfully grew that business from roughly $1 billion in assets to its current size of $14 billion.
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.
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?