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Who Benefits?
It is standard operating procedure in the equipment leasing industry for lessors and similarly situated creditors to take all steps necessary and appropriate to perfect their security interests in the assets so leased or financed. This is a common-sense approach, whereby lessors and creditors avail themselves of all possible avenues to protect their collateral. The lessor reaps the benefit of the direct action that it takes in its own best interest.
Normally, when a lessor fails to take such steps, it must suffer the consequences of its own inattention. This might include, among other things, falling to a secondary position behind subsequent secured parties or losing priority status altogether and being reduced to the humble status of a general unsecured creditor. Loss of such status normally means loss of a first and irrefutable claim to seize the equipment. Fittingly, the lessor pays the price for its own missteps.
But does the duty the lessor owes itself in any way translate into an obligation to the lessee/debtor? If the lessor does not perfect, does that give rise to a claim by the lessee for any subsequent harm it, the lessee, sustains? Does the lessor now have to worry about not only how it harmed itself, but also how it harmed the lessee?
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.
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?
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.