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The New York UCC Comes of Age: Redux
Last year, I enthusiastically reported in these pages on the efforts of certain New York bar associations, legislators and others to bring the New York Uniform Commercial Code (UCC) into the 21st century. (See http://bit.ly/1bpFpzw). The need for modernizing the statute was obvious. New York was the only state that had not adopted amendments to Articles 3 (negotiable instruments) and 4 (bank deposits and collections) recommended as far back as 1990 by the Uniform Law Commission (the ULC, also known as the National Commissioners on Uniform State Laws) and the American Law Institute (ALI) ' its Articles 3 and 4 being the 1968 versions of those articles. Its Article 1 (general provisions) and Article 7 (documents of title) similarly failed to reflect the latest recommended provisions (being those proposed by the ULC and ALI in 2001 for Article 1 and in 2003 for Article 7. And it had not adopted the 2010 amendments to Article 9.
It should be noted that the amendments to Article 1 are now effective in all states except Georgia, Missouri and Wyoming. Puerto Rico has also not adopted the 2001 amendments to Article 1. However, proposed legislation adopting such amendments has been introduced in Wyoming as of the date of submission of this article. In addition, The amendments to Article 7 have not been adopted in Missouri and Wyoming. The amendments are also not effective in either Puerto Rico or the Virgin Islands. However, as with the 2001 Article 1 revisions, as of the date of submission of this article, proposed legislation adopting such amendments has been introduced in Wyoming. See http://bit.ly/1DarV02.
As the primary U.S. commercial law jurisdiction, the New York UCC's woefully laggard status created significant issues for practitioners and financial institutions alike. Mismatches between the New York UCC and other state statutes created fertile ground for errors in documents, and a growing inability to apply judicial decisions under other state UCC laws to New York (and vice versa). Industry associations were concerned it threatened New York's status as the jurisdiction of choice for conducting domestic and international business.
Yachts, Jets, Horses & Hooch: Specialized Commercial Leasing Models
Defining commercial real estate asset class is essentially a property explaining how it identifies — not necessarily what its original intention was or what others think it ought to be. This article discusses, from a general issue-spot and contextual analysis perspective, how lawyers ought to think about specialized leasing formats and the regulatory backdrops that may inform what the documentation needs to contain for compliance purposes.
Hyperlinked Documents: The Latest e-Discovery Challenge
As courts and discovery experts debate whether hyperlinked content should be treated the same as traditional attachments, legal practitioners are grappling with the technical and legal complexities of collecting, analyzing and reviewing these documents in real-world cases.
Identifying Your Practice's Differentiator
How to Convey Your Merits In a Way That Earns Trust, Clients and Distinctions Just as no two individuals have the exact same face, no two lawyers practice in their respective fields or serve clients in the exact same way. Think of this as a "Unique Value Proposition." Internal consideration about what you uniquely bring to your clients, colleagues, firm and industry can provide untold benefits for your law practice.
Risks and Ad Fraud Protection In Digital Advertising
The ever-evolving digital marketing landscape, coupled with the industry-wide adoption of programmatic advertising, poses a significant threat to the effectiveness and integrity of digital advertising campaigns. This article explores various risks to digital advertising from pixel stuffing and ad stacking to domain spoofing and bots. It will also explore what should be done to ensure ad fraud protection and improve effectiveness.
Turning Business Development Plans Into Reality
This article offers practical insights and best practices to navigate the path from roadmap to rainmaking, ensuring your business development efforts are not just sporadic bursts of activity, but an integrated part of your daily success.