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Is Electricity a 'Good' Under Article 9?
The electricity sector is beginning an unprecedented move away from networks dominated by large-scale utilities. Peer-to-peer power sharing arrangements and technologies such as rooftop solar are redefining traditional relationships between power companies and consumers. Soon, residents and businesses will be able to produce their own electricity through microgrids, bypassing electric utilities, and sell excess electricity credits through a virtual trading platform.
Consumers who generate electricity in excess of their demand can benefit from net metering, a system that compensates the consumer with a credit for each kilowatt-hour injected into a grid and can identify electricity fed back into the grid. Electricity sales could generate valuable revenue streams for these producers, and lenders financing these projects will want to consider both the related receivables and the electricity produced by such projects as collateral.
But can a creditor obtain a security interest in electricity under UCC Article 9? It covers security interests in fixtures and personal property. Clearly, electricity is not real property or a fixture. But what kind of personal property is it? Article 9 assets fall within certain categories and types (see, e.g., § 9-108). Knowing the correct Article 9 category or type for an asset is critical for determining the proper steps for creating and perfecting a security interest in that asset.
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?