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Real Estate Sale-Leaseback: Making a Comeback
In 2007, there was more than $16 billion in U.S. real estate sale-leaseback transactions. By 2009, that volume had shrunk to under $4 billion. With the “Great Recession” coupled with the uncertainty of the announced convergence of U.S. and international accounting standards, some industry analysts predicted that real estate sale-leasebacks would be eliminated from the array of possible corporate fundraising strategies. That possible demise appears to be greatly exaggerated.
According to a January 2014 CBRE Update, U.S. Sale/Leasebacks: Unlocking Value, available at http://bit.ly/13I6TvW, the volume of U.S. real estate sale-leaseback transactions grew 149% from 2009 to 2012. So sellers and investors should consider dusting off their real estate sale-leaseback playbook (while sale-leaseback treatment is possible for asset types other than real estate, this article focuses on real estate sale-leasebacks, which have their own unique accounting rules ' primarily former FASB Statement 13, now codified as Accounting Standard Codification (ASC) 360-20 (Real Estate Sales) and 840-40 (Sale-Leaseback Transactions)).
The Basics
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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.
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.
The Anti-Assignment Override Provisions
UCC Sections 9406(d) and 9408(a) are one of the most powerful, yet least understood, sections of the Uniform Commercial Code. On their face, they appear to override anti-assignment provisions in agreements that would limit the grant of a security interest. But do these sections really work?