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Electronic Chattel Paper
Traditional or tangible chattel paper has long been used to finance equipment purchases. One of the significant benefits bestowed upon chattel paper financers is the ability to perfect a security interest via possession, and in so doing potentially achieve priority over pre-existing secured lenders who perfected by filing a UCC Financing Statement. This system generally worked well, and trillions of dollars have been financed in this manner.
In 1999, provisions of Article 9 of the UCC relating to secured lending were updated to permit the creation of “electronic chattel paper.” Electronic chattel paper is essentially chattel paper evidenced by records existing electronically (i.e., a file on a computer). It is distinguished from tangible chattel paper in that electronic chattel paper is not actually paper at all. Electronic chattel paper also is not tangible chattel paper merely executed via electronic signatures or tangible chattel paper converted to electronic form via a facsimile machine or scanner. Instead, and as explained in more detail below, electronic chattel paper is data that memorializes the original record of a financing transaction and that exists and is stored in a secure electronic medium.
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.
Major Differences In UK, U.S. Copyright Laws
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Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
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.
Transfer Tax Implications on Real Property Leases
The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.