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In the Marketplace
CIT Bank of New York, which is the U.S. commercial bank subsidiary of CIT Group Inc ., has completed its acquisition of Portsmouth, NH-based Direct Capital Corporation , a provider of financing to small and mid-sized businesses. Founded in 1993, Direct Capital has provided more than 80,000 businesses with over $2.25 billion in equipment, franchise and vendor financing and lending solutions to grow their businesses. Direct Capital has assets of approximately $500 million and employs 250 individuals.
Signature Bank of New York announced the formation of a new specialty finance subsidiary, Signature Financial LLC , which will begin offering direct finance services for both the franchise and commercial marine industries on a national basis. The franchise business will provide financing to franchise operators across a variety of national and regional restaurant concepts and chains, such as those engaged in fast-casual and family-oriented restaurant businesses. The commercial marine unit will specialize in the financing of commercial vessels, including supply ships, tugboats, barges and commercial passenger transport vessels. The franchise business will be led by John R. Black in the position of National Franchise Finance Manager. He will be responsible for loan origination and strategy. Supporting him is Thomas E. Eylander , who was named Senior Risk Underwriting Manager for franchise finance. Richard J. Paine, Sr. will lead Signature Financial's direct commercial marine business development efforts and aid in the development of the new unit's strategic direction. Most recently, Paine served as National Finance Manager in the Commercial Marine Group at TCF Equipment Finance, Inc .
The Equipment Leasing & Finance Foundation has launched a newly designed website (www.leasefoundation.org) to provide users with an enhanced online experience. The new website design will enable users to browse and download the Foundation's resources, articles, research and studies on the equipment finance industry with greater ease, says the Foundation, including mobile access. The launch coincides with the celebration this year of the Foundation's 25th anniversary.
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?