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Associations Seek Role in Accounting Standard Reinterpretation
In a recent development in the ongoing reinterpretation of the accounting standard for commercial leases by the International Accounting Standards Board ('IASB') and the Financial Accounting Standards Board ('FASB'), The Equipment Leasing and Finance Association ('ELFA') has announced that six equipment finance representative associations from around the world have signed a joint communication seeking to have them play an instrumental and constructive role in the process. The joint communication by the ELFA, the UK Finance and Leasing Association, Leaseurope, the British Vehicle Rental and Leasing Association, the Australian Finance Conference, and the Canadian Finance & Leasing Association set forth 11 key principles that should be addressed as the IASB and FASB proceed with deliberations toward a single, efficient global leasing standard.
The 11 basic principles that the groups believe the new leasing standard must meet are as follows:
1) It must provide information about future lease obligations and rights to use assets that are both meaningful and useful to the users of accounts, such as information about future committed cash flows and the flexibility and conditionality of those cash flows.
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.