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Leasing Industry Closes 2003 with Positive Signs
After three consecutive quarters of failing to show any portfolio growth, the equipment leasing industry came through at year's end to close 2003 with only a slight net loss in portfolio size. According to the Equipment Leasing Association's Quarterly Performance Indicators Report (PIR), total net portfolio growth decreased by a total of only 0.4% in 2003. While 2003 marked the second consecutive year in which the leasing industry failed to recognize any net portfolio growth for a calendar year, based on how 2003 was shaping up after the third quarter, the modest overall drop-off was not such bad news. In fact, 2003 was not as bad a year for the leasing industry as one might have expected given the many challenges that have been presented over the past few years. New business volume and credit approvals were up, and charge-offs and actual delinquencies were down. Employment remains a concern, but overall, it appears that the leasing industry is weathering the storm.
Total net portfolio at the end of the fourth quarter of 2002 was $64 billion, which then dropped to $63.4 billion in the first quarter of 2003. Portfolio growth then fell to $62.7 billion at mid-year before falling to the 12-month low of $62.4 billion in the third quarter of 2003. Fortunately, portfolio growth recovered in the fourth quarter of 2003 to close out the year at $63.7 billion, a 0.4% decrease from 2002. It is of some concern that this is the second overall decrease in portfolio growth in consecutive years, and that similar to 2002, the industry experienced no portfolio growth over a period of three quarters in 2003. Typically, there is a decrease in portfolio growth in the first quarter of a new year following a sharp increase in year-end activity; but in both 2003 and 2002 there were no quick rebounds from the first quarter drop-off. In both of the last 2 years, the rebound did not occur until year-end and at that, the recovery was incomplete, leaving the industry with negative annual growth.
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.
Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
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.
Transfer Tax Implications on Real Property Leases
The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.