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Municipal Leasing: Favorite Son or Leasing's 'Red-Headed Stepchild'?
There is some dispute as to the origin of the term “red-headed step child,” but its usage since the early 20th century has been to denote a child who is unwanted, neglected and misunderstood by his or her parents. For many banks and other lessors, the limited competition, strong credits and tax benefits of “muni leasing” make it a favorite. In many respects, however, municipal leasing (which term we will use for equipment financing and leasing for state, county and city governments and agencies generally) is equipment finance's red-headed stepchild.
Municipal leasing is different. Credit risk is replaced by risk of “non-appropriation.” The documentation is a little (in some cases a lot) different. Operating in 50 states is more challenging. However, for the leasing company willing to put in the effort, there are significant opportunities for growth.
State laws are generally designed to prohibit the municipalities from incurring any significant amount of debt without voter approval. This can have a chilling effect on financing equipment acquisitions through public or private borrowing. It is impractical for cities and counties to seek voter approval of bond financing for routine equipment purchases and the fees associated with bond financing are cost-prohibitive for such transactions.
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.
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?