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Section 1123 (a)(5)(G) of the Bankruptcy Code provides that, “[n]otwithstanding any otherwise applicable nonbankruptcy law, a plan shall ' provide adequate means for the plan's implementation, such as ' curing or waiving of any default.” But what, exactly, does it mean to cure a default?
The concept of a “cure” ' both in life and law ' suggests a return to the status quo: What once was ill is ill no longer. However, courts have struggled to come to a consensus on the meaning of cure. With respect to a secured loan, we are all familiar with two standard remedies afforded to a lender as a cure for a sick loan ' default interest and late fees. The question has long been the extent to which a secured lender remains entitled to one or both of these remedies as a condition to cure in a confirmed Chapter 11 plan.
Historical Background
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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.
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.
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.
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?