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Banks and Landlords: Competing Lien Interests
Banks that provide financing for commercial tenants and the real estate landlords for those same tenants both want additional security in the tenant's personal property located at the premises. The interests of the landlord and the lender are in conflict. The landlord is looking to secure the tenant's rental obligations by taking a lien against the tenant's fixtures, inventory and equipment located in the space. These items may be particularly valuable in the case of certain retail, restaurant or industrial tenants. At the same time, the tenant's lender, providing tenant improvement and/or working capital financing, desires a security interest in the same property.
Depending on the state, a landlord's lien may be created under statutory lien rights, the common law or by contract under the terms of the lease. Such a lien gives the landlord the right to levy the property located at the demised premises of a defaulting tenant. The typical smaller retail or office tenant does not heavily resist its lender's request for a security interest in its personal property or resist the landlord's request for a landlord lien, but instead attempts to facilitate the competing interests of both the landlord and the lender at the time of lease negotiation. However, some national retailers with stronger credit may have the leverage to obtain a waiver or subordination of their landlords' lien rights.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
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.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.