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Financing Accessions: A Real-World Analysis in Question and Answer Format
Consider how you would address this familiar situation: Your borrower wants to finance a crane that will be attached to and used on a motorized piece of construction equipment, but does not need you to finance the construction equipment itself, only the crane attachment. On its face, this all sounds simple enough, but as many lenders and lessors have discovered, financing a unit that will be attached to equipment financed by another lender can be more challenging than it appears. Especially if the other item is a titled motor vehicle.
When financing an item of equipment (an “Accession”) that may become physically attached to other equipment (the “Other Equipment” and together with the Accession, the “Whole”), lenders (we will call them “Accession Lenders”) or lessors (“Accession Lessors”) should approach these situations with caution. The holder of an interest in the Other Equipment (we will call it the “Other Equipment Lender”) can take priority over the Accession Lender's security interest in the Accession or even the ownership interest of an Accession Lessor.
New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
How AI Has Affected PR
When we consider how the use of AI affects legal PR and communications, we have to look at it as an industrywide global phenomenon. A recent online conference provided an overview of the latest AI trends in public relations, and specifically, the impact of AI on communications. Here are some of the key points and takeaways from several of the speakers, who provided current best practices, tips, concerns and case studies.
CLE Shouldn't Be the Only Mandatory Training for Attorneys
Each stage of an attorney's career offers opportunities for a curriculum that addresses both the individual's and the firm's need to drive success.