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Equipment Leasing and CERCLA Liability
Part Two of a Two-Part Series
Last month, we explained that the Supreme Court's unanimous recent decision in United States v. Atlantic Research Corporation, 127 S.Ct. 2331, 551 U.S. ____ (2007), No. 06-562 (June 11, 2007) potentially affects every commercial real estate transaction in the United States, including those involving fixtures and leased equipment. This decision does so because the Court confirmed that a private party cleaning up contaminated land has an effective judicial remedy under federal law, an issue which had been in serious dispute. Because of the breadth of the law under which it was decided ' the Comprehensive Environmental Response, Compensation and Liability Act ('CERCLA') or Superfund, 42 U.S.C. '9601, et seq. ' this decision affects not only owners and occupiers of land, but also the owners and users of leased equipment ' fixtures ' located on such land.
In this month's installment, we focus on some of the special issues facing equipment leasing as a result of this decision. We recommend some steps in order to address the increased litigation and liability risks facing owners and lessors of equipment, risks that few have addressed. Prudent parties in the equipment leasing business will revisit form contracts, review their insurance coverage, and address due diligence related to the parties and locations where their equipment is to be used.
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.
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.
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.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?