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Is the Statute of Frauds Still Absolute?
If Cervantes were to say today, 'An honest man's word is as good as his bond' (Don Quixote, Book IV, Ch. 34), both knowledgeable real estate professionals and their counsel would probably respond, 'except for real property transactions.' While in many areas of the law, unwritten agreements are more readily enforced, it remains accepted as axiomatic that under the principles of the statute of frauds, only a 'writing' will create obligations in connection with real property interests.
Recent Decision
A recent Appellate Division decision went out of its way to emphasize the rule. In Yenom Corp., v 155 Wooster Street, Inc., (NYLJ, July 20, 2006 p. 22, col. 1), the court went out of its way to reinforce the continued vigor of the statute of frauds. The per curiam decision arose in a somewhat unusual way. It was delivered on the Court's own motion (nostra sponte) as a post-appeal proceeding focused on whether sanctions should be imposed on plaintiff and its counsel for pursuing an appeal relating to exceptions to the statute of frauds. The court imposed sanctions against plaintiff and its counsel for having pursued an effort to enforce an alleged contract for the sale of stock of a real estate owning corporation and the simultaneous creation of a net lease. Plaintiff claimed an exception from the normally applicable statute of fraud rules based on alleged part performance by its efforts to effect zoning changes. The court found the claim so 'frivolous and wholly without merit' that sanctions were imposed.
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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 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?