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The New Code's Effect on Taxes
There are many sections of the new Bankruptcy Act that address various tax issues; some of the most important and relevant corporate changes are explored below.
Improved Treatment of Ad Valorem Tax Claims
Section 724 has been amended by adding a new subsection (f) to provide that ad valorem tax liens will be subordinated only to: 1) wage and salary claims entitled to priority under ' 507(a)(4); and, 2) claims arising for contributions to employee benefit plans entitled a priority under ' 507(a)(5). Section 724 is further amended by adding a new subsection (e) to provide that no tax lien on real or personal property of the estate will be subordinated unless the trustee has first exhausted the unencumbered assets of the estate. Section 506(c) is amended to add the payment of all ad valorem property taxes to those costs and expenses that may be assessed against the property. Section 505 is amended to provide that a court may not determine the amount or legality of a tax liability arising out of an ad valorem tax on real or personal property if the applicable period for contesting or re-determining the amount under applicable state law has expired.
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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
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 Stranger to the Deed Rule
In 1987, a unanimous Court of Appeals reaffirmed the vitality of the "stranger to the deed" rule, which holds that if a grantor executes a deed to a grantee purporting to create an easement in a third party, the easement is invalid. Daniello v. Wagner, decided by the Second Department on November 29th, makes it clear that not all grantors (or their lawyers) have received the Court of Appeals' message, suggesting that the rule needs re-examination.