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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.
Bonus Content: How Emerging Technologies Are Impacting IP: A Chat With Legalweek Speaker Ryan Phelan
A Q&A with conference speaker Ryan Phelan, a partner at Marshall, Gerstein & Borun and founder and moderator of legal blog PatentNext, to discuss how courts and jurisdictions are handling novel technologies, the copyrightability of AI-assisted art, and more.
Overview of Regulatory Guidance Governing the Use of AI Systems In the Workplace
Businesses have long embraced the use of computer technology in the workplace as a means of improving efficiency and productivity of their operations. In recent years, businesses have incorporated artificial intelligence and other automated and algorithmic technologies into their computer systems. This article provides an overview of the federal regulatory guidance and the state and local rules in place so far and suggests ways in which employers may wish to address these developments with policies and practices to reduce legal risk.
Is Google Search Dead? How AI Is Reshaping Search and SEO
This two-part article dives into the massive shifts AI is bringing to Google Search and SEO and why traditional searches are no longer part of the solution for marketers. It’s not theoretical, it’s happening, and firms that adapt will come out ahead.
While Federal Legislation Flounders, State Privacy Laws for Children and Teens Gain Momentum
For decades, the Children’s Online Privacy Protection Act has been the only law to expressly address privacy for minors’ information other than student data. In the absence of more robust federal requirements, states are stepping in to regulate not only the processing of all minors’ data, but also online platforms used by teens and children.
Revolutionizing Workplace Design: A Perspective from Gray Reed
In an era where the workplace is constantly evolving, law firms face unique challenges and opportunities in facilities management, real estate, and design. Across the industry, firms are reevaluating their office spaces to adapt to hybrid work models, prioritize collaboration, and enhance employee experience. Trends such as flexible seating, technology-driven planning, and the creation of multifunctional spaces are shaping the future of law firm offices.