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Vendors, Keep Your Promises
A recent decision by the Minnesota Supreme Court addressed the enforceability of a provision commonly found in vendor program agreements ' that a transaction presented by the vendor to the lessor/financier is valid and enforceable. The Minnesota Supreme Court upheld the clause under Minnesota law, creating important precedent for vendor liability under long-standing principles of contract law.
Background
Under the contract (the “Agreement”) between Lyon Financial Services, Inc. (“Lyon”) and Illinois Paper and Copier Company (“Illinois Paper”), Lyon obtained the right to finance transactions for Illinois Paper's commercial customers, with Illinois Paper supplying the copying equipment that was financed, and providing maintenance on the equipment. In the Agreement, Illinois Paper represented that “all lease transactions presented to [Lyon] for review are valid and fully enforceable agreements.” Pursuant to the Agreement's terms, transactions submitted to Lyon under the Agreement are non-recourse to Illinois Paper, unless the latter breaches its representations and warranties.
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?