Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Third Circuit Defines 'Received' for Section 503(B)(9) Claims
For over a decade now, the Bankruptcy Code has granted a priority of payment with regard to creditor claims for goods received by the debtor in the 20 days before bankruptcy. The law is prosaic enough on its face; a creditor merely needs to demonstrate that the debtor “received” the goods within the prescribed pre-bankruptcy interval, and its claim attains priority as an administrative expense. 11 U.S.C. § 503(b)(9). Ah, but therein lies the rub.
Precisely, what constitutes “received” by the debtor in this context? Does it mean actual physical custody of the goods? Or is the mere transfer of legal title sufficient to qualify for such improved status? Last year, we expounded upon a decision that denied administrative expense status to a claim because the district court held that “received” includes the passing of title. See Abatemarco & Sabino, “Bankruptcy Code, International Trade Treaty Collide over Expense Status,” (October, 2016; http://bit.ly/2fay1iU). Truth be told, this writer agreed with the outcome, albeit for somewhat different reasons. Indeed, aware that the lower court decision was being appealed, we urged clarification from a higher court.
Third Circuit Clarification
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
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
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.
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.
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.
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?