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Equipment Lessors, Beware
On Dec. 31, 2015, amendments to the conflict of laws provisions under the Ontario Personal Property Security Act (PPSA) will be active. Lessors should ensure that they search in the right jurisdictions and register their security interests in accordance with the new rules. A brief summary of the amendments is set out below.
Summary of Current Law and Amendments
Under the PPSA, the question of where to register in order to perfect a security interest is answered according to the type of collateral being granted as security. The amendments clarify the appropriate place to perfect security interests in the following:
- Intangibles;
- Mobile goods (i.e., goods normally used in more than one jurisdiction if the goods are equipment or inventory leased or held for lease by a debtor to others); and
- Non-possessory security inter- ests in securities, instruments, negotiable documents of title, money and chattel paper (collectively, “Intangible and Mobile Collateral”).
Perfection of a security interest in Intangible and Mobile Collateral is governed by the law of the jurisdiction where the debtor (i.e., the lessee) is located. Currently, a debtor is deemed to be located at the debtor's place of business or at the debtor's chief executive office if there is more than one place of business. Since the PPSA does not define the term “chief executive office,” it is often unclear where a secured party should perfect its security interest in transactions involving Intangible and Mobile Collateral.
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?