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From Cradle to Grave: Using Bankruptcy Skills to Advise Clients on New Deals
This article is the last installment of a series published in November and December addressing the practice of having bankruptcy counsel get involved in lease deals from the outset.
TENTH RULE: IF YOUR CLIENT IS A VENDOR OR SERVICE PROVIDER, IT IS EXTENDING CREDIT. TREAT THE TRANSACTION THAT WAY. Financial institutions extend credit and protect themselves in ways that should be instituted for clients that also extend credit, such as vendors or service providers.
Bankruptcy lawyers see how lenders protect themselves from the potential risks of bankruptcy and default. At the initiation of a transaction, lenders get a credit application from the debtor, including a financial statement. They find out about its assets and liabilities, its principal and affiliates. They get periodic financial reports. Others who extend credit, such as vendors and service providers, should think about adopting similar devices. In this regard, I drafted a system of credit applications for an industry that had never used them before, to provide an early warning that those to whom they extended credit might later default.
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?