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Vendor's Reclamation Rights Survive Lien of Post-Petition DIP Loan
In In re Reichhold Holdings US, Inc., Case No. 14-12237 (MFW) (Bankr. Del., Aug. 24), bankruptcy judge Mary F. Walrath upheld the validity of a vendor's administrative claim for its reclamation rights under Section 546(c) of the Bankruptcy Code as against a post-petition DIP lender. In doing so, Judge Walrath declined to follow cases from the Bankruptcy Court of the Southern District of New York that held otherwise.
Background
The Bankruptcy Code recognizes a vendor's right of reclamation for goods sold to a debtor if the seller has a right of reclamation under state law. A seller seeking reclamation under Section 2-702 of the UCC and Bankruptcy Code Section 546(c) must prove four elements: 1) The debtor was insolvent when the goods were delivered; 2) A written demand was made not later than 45 days after the debtor's receipt of the goods, nor later than 20 days following the petition date if the 45-day period expired post-petition; 3) The goods were identifiable at the time of the demand; and 4) The goods were in the possession of the debtor at the time of the demand.
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.
Removing Restrictive Covenants In New York
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?