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Rule B: Good Riddance to Maritime Pre-judgment Attachments of EFTs
A cottage industry developed in the Southern District of New York after the Second Circuit's 2002 decision in Winter Storm Shipping, Ltd. v. TPI, 310 F. 3d 263 (“Winter Storm“) devoted to securing and maintaining pre-judgment attachments of funds-transfer payment orders (more commonly referred to as electronic funds transfers) (“EFTs”) passing through New York banks. The Second Circuit in Winter Storm held such payment orders to be “property” of the “originator” (the transferor of an EFT) notwithstanding that the originator had no account with the intermediary bank. Rule B attachments have also been routinely issued against beneficiaries (transferees) of an EFT, notwithstanding that the beneficiaries, likewise, have no account with the intermediary bank.
Rule B Attachments
New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
Bit Parts
Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.