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Security Interests in Energy Conservation and Performance Leases and Loans
Section 30 of the Housing Act states that the Secretary of the U.S. Department of Housing and Urban Development (“HUD”) “may authorize a public housing agency to mortgage or otherwise grant a security interest in any public housing project or other property of the public housing agency,” which raises the question of how important a Section 30 approval should be to lenders participating in Energy Conservation Contract or Energy Performance Contract lending to Housing Authorities (“HA”).
The answer depends on the lessor's full understanding of what benefits a Section 30 approval provides them and their risk tolerance, as it relates to their security interest position in contract financing transactions.
This article examines whether a HUD Section 30 approval is necessary to perfect the lessor's security interest in property (the energy conservation project (“ECP”) equipment, the guaranty or related payments due from the ESCO and HUD subsidy funds) associated with the lease of an ECP lease, in addition to what other benefits might accrue to the lessor with this approval. Section 30 has never been interpreted in a reported court case, making any conclusions we reach on the impact tentative.
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?