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Is It a True Lease or a Loan?
Part One of a Two-Part Series
Anyone who has been in the leasing business for much time at all understands that a transaction that the parties describe as a “lease” can be either a “true lease” where the lessor owns the leased equipment or a “loan” which results in the lessee being the owner and the lessor having merely a security interest. The latter is commonly referred to as “disguised security interests” or “leases intended as security” or “financing leases.” Many people also have a general understanding of the distinction between the two, and most of those reading this article have heard one person or another proclaim the bright-line rule that a lease with a dollar purchase option is a loan and a lease with a fair market value purchase option is a true lease.
Unfortunately, the rule is not anywhere near that straightforward, and many people analyzing this issue are incorrect with respect to some of the fine-tuned details. Given that the distinction between a true lease and a loan is still one of the most often litigated issues in the leasing profession and that case law continues to develop in this area, even people who know this issue well can benefit from the overview and refresher offered in the remainder of this article.
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?