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The Scope and Limits of Article 9
When one thinks of personal property collateral, one surely thinks of Article 9 of the U.C.C. Article 9 covers not only the obvious types of personal property collateral like equipment and chattel paper, but it also covers many types of collateral one might not have expected, such as commercial tort claims, certain health care insurance receivables, letters of credit, nonpossessory statutory agricultural liens, public finance transactions, security interests arising under Articles 2, 2A, 4 and 5 of the U.C.C., software and supporting obligations. Article 9 even applies to consignments and sales of accounts, chattel paper, payment intangibles and promissory notes. Despite its breadth, however, there are many types of personal property excluded from Article 9. Additionally, in some cases, Article 9 applies only in part, such as where it defers to specific state or federal laws for perfection or priority issues, but still governs enforcement.
The following is a discussion of the three major categories of personal property liens excluded from Article 9, in whole or in part.
Nonconsensual Liens
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.