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A Tale of Two Cases: Mobile Goods Require Uniformity of State Statutes
Nationwide uniformity of commercial laws has always been a fundamental goal of the drafters of Article 9 of the Uniform Commercial Code. One area, though, that has continually eluded standardization is perfection of liens on mobile goods. Financiers of mobile goods, including vehicles, vessels, trailer homes and modular offices, must grapple with arcane certificate of title statutes that vary widely from state to state. Other state statutes that regulate title and lien interests in mobile goods can become a trap for the unwary. The nature of mobile goods makes uniformity among state statutes a compelling issue for financiers.
Two recent Federal Court of Appeals decisions, In re Charles, 323 F.3d 841 (10th Cir. 2003) and In re Kroskie, 315 F.3d 644 (6th Cir. 2003), illustrate the perils of lien perfection on mobile assets. In re Charles, a decision of the 10th Circuit Court of Appeals, addressed a novel perfection issue in Kansas. The facts were as follows: Robert Charles entered into a “Master Lease Agreement” with The CIT Group/Equipment Financing, Inc. (CIT) which gave him a leasehold interest in several trucks. CIT was named as the owner of the trucks on the certificate of title issued by Kansas. Three years later, Charles filed for bankruptcy. The trustee in bankruptcy argued that the “Master Lease Agreement” was a disguised security agreement and that the interest in the trucks was unperfected under Kansas law because CIT was not named as a lienholder on the title certificate.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Bit Parts
Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.
Disconnect Between In-House and Outside Counsel
'Disconnect Between In-House and Outside Counsel is a continuation of the discussion of client expectations and the disconnect that often occurs. And although the outside attorneys should be pursuing how inside-counsel actually think, inside counsel should make an effort to impart this information without waiting to be asked.