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The Quiet Before the Storm: Fortifying the Landlord's Position Before the Tidal Wave of Tenant Bankruptcy
After the signing of the lease, the last thought entering the landlord's consciousness is that its new tenant is going to file for bankruptcy protection during its tenancy. In the beginning stages of the relationship between landlord and tenant, there is a brief period of shared optimism about the future and the joint prosperity that the new union is bound to offer.
This period may represent the quiet before the storm ' when the landlord's optimism soon gives way to the unfortunate reality that the tenant is in dire financial distress. Financial crisis can turn, very quickly, to the filing for bankruptcy protection in the form of reorganization under Chapter 11 or liquidation under Chapter 7. Once the landlord becomes a creditor in bankruptcy, it is powerless to change the terms of the lease and the respective rights of the parties without the approval of the bankruptcy court. The retail landlord is in a considerably better position and is more likely to maximize its value proposition as a creditor in the tenant's bankruptcy proceeding when it employs foresight and prevention, careful monitoring, and decisive action.
Foresight and Prevention
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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
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Legal Possession: What Does It Mean?
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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?