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Oil Pollution Act of 1990: New Limitations on Liability
The risk of oil pollution liability for financial lessors of vessels operating in U.S. waters under the Oil Pollution Act of 1990 (“OPA 90″), 33 U.S.C. '2701 et seq., has been substantially ameliorated under new U.S. legislation, thereby restoring leasing as a more lessor-friendly financing option for vessels that trade in U.S. waters.
The Coast Guard and Maritime Transportation Act of 2004 (Pub. L. 108-293, 118 Stat. 1028) (the “New Act”) became law on Aug. 9, 2004. Section 703 of the New Act amends OPA 90 to provide for exemption from environmental damages liability of certain financing lessors. The New Act imports into OPA 90 the terms of the so-called “Secured Creditor Exemption” found in the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”), 47 U.S.C. '9601 et seq.
A ship financing lease is normally based on a demise (also called “bareboat”) charter (the maritime equivalent of a triple net lease) from the financial lessor to the demise charterer, who is thereby the lessee and operator of the vessel. The demise charter usually shifts all vessel maintenance, repair, insurance and all other operational responsibility to the lessee/demise charterer. The lessor retains legal title, status as documented vessel owner and, depending on lease structure, residual value risk. Commercial U.S. vessels are required to be documented with the U.S. Coast Guard, and the Coast Guard's interpretation of the relevant vessel documentation laws is that documentation can occur only in the name of the holder of legal title (not the lessee). As part of the documentation process, the lessor's legal title is publicly recorded with the Coast Guard's National Vessel Documentation Center.
Yachts, Jets, Horses & Hooch: Specialized Commercial Leasing Models
Defining commercial real estate asset class is essentially a property explaining how it identifies — not necessarily what its original intention was or what others think it ought to be. This article discusses, from a general issue-spot and contextual analysis perspective, how lawyers ought to think about specialized leasing formats and the regulatory backdrops that may inform what the documentation needs to contain for compliance purposes.
Hyperlinked Documents: The Latest e-Discovery Challenge
As courts and discovery experts debate whether hyperlinked content should be treated the same as traditional attachments, legal practitioners are grappling with the technical and legal complexities of collecting, analyzing and reviewing these documents in real-world cases.
Identifying Your Practice's Differentiator
How to Convey Your Merits In a Way That Earns Trust, Clients and Distinctions Just as no two individuals have the exact same face, no two lawyers practice in their respective fields or serve clients in the exact same way. Think of this as a "Unique Value Proposition." Internal consideration about what you uniquely bring to your clients, colleagues, firm and industry can provide untold benefits for your law practice.
Risks and Ad Fraud Protection In Digital Advertising
The ever-evolving digital marketing landscape, coupled with the industry-wide adoption of programmatic advertising, poses a significant threat to the effectiveness and integrity of digital advertising campaigns. This article explores various risks to digital advertising from pixel stuffing and ad stacking to domain spoofing and bots. It will also explore what should be done to ensure ad fraud protection and improve effectiveness.
Turning Business Development Plans Into Reality
This article offers practical insights and best practices to navigate the path from roadmap to rainmaking, ensuring your business development efforts are not just sporadic bursts of activity, but an integrated part of your daily success.