Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
What's New In the Law
Finance Companies' Rights to Collect
The CIT Group/Equipment Financing, Inc. v. Shapiro, 2013 WL 1285269 (U.S. Dist. Ct. S.D.N.Y. March 29, 2013)
After a lessee's interests under a lease had been assigned to another lessee that subsequently stopped making payments and filed for bankruptcy, the lessor sued the original lessee and the personal guarantors on the original transaction. The defendants' arguments that they were not liable to the lessor because the lessor had failed to provide them with notice of the bankrupt lessee's default are rejected by the court on the ground that the assignment agreement between the original lessee and the bankrupt lessee stated that the original lease agreement remained in full force and effect. The terms of that original lease agreement, according to the court, provided that the lessor had no duty to provide notice before bringing suit. What the court and the defendants may not have considered is that the original lessee became a surety by remaining liable on the lease after the assignment ' i.e., it became a guarantor of the bankrupt lessee's obligations. Unless it waived defenses based upon suretyship, it should have been entitled to raise such defenses such as failure of the lessor to provide notice of the successor lessee's default.
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.