Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
In 2003, the U.S. Court of Appeals for the Seventh Circuit surprised many observers when it held that a sale of real property under section 363 of title 11 of the United States Code (the Bankruptcy Code) could be approved free and clear of a lessee's leasehold interest in the property. Precision Industries, Inc. v. Qualitech Steel SBQ, LLC (In re Qualitech Steel Corp. & Qualitech Steel Holdings Corp.), 327 F.3d 537 (7th Cir. 2003).
Until that time, courts consistently had held that the rights of a non-debtor lessee in commercial property it leased from a debtor in bankruptcy were preserved by special protections afforded such lessees under section 365 of the Bankruptcy Code. The Qualitech case set off alarm bells, particularly among commercial tenants and lenders that utilized leasehold interests as collateral. In the ensuing years, however, most courts declined to follow Qualitech, and the case generally became to be viewed as an anomaly.
That changed in July, when the U.S. Court of Appeals for the Ninth Circuit joined the minority position espoused in Qualitech and held that the rights of a lessee in a debtor's real property may be extinguished in connection with a 363 asset sale. Pinnacle Restaurant at Big Sky, LLC v. CH SP Acquisitions, LLC (In re Spanish Peaks Holdings, II, LLC), 2017 U.S. App. LEXIS 12526 (9th Cir. July 13, 2017).
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
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 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.
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.
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.
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?