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Case Briefs
Insurer Obligated to Defend CEO Until Court Permits Rescission
In Federal Ins. Co. v. Tyco Int'l Ltd., Index No. 600507/03 (N.Y. Sup. Ct. Mar. 5, 2004), the New York Supreme Court ordered an insurer to fulfill its defense obligation to its policyholder unless and until it prevails on its rescission claim.
Federal Insurance Company (“Federal”) sold Executive Protection Policies to Tyco International Ltd.'s (“Tyco”) former Chief Executive Officer L. Dennis Kozlowski. The policies require Federal to: 1) defend Kozlowski against fiduciary liability claims, and 2) reimburse his defense costs for executive liability claims arising from certain enumerated “wrongful acts.” After Kozlowski allegedly gave himself unapproved bonuses, artificially pumped up the Tyco stock's value, and lied about Tyco's finances, Kozlowski was criminally indicted and sued in various ERISA and securities-related cases. Kozlowski demanded that Federal provide him with a defense or pay his defense costs. Federal, however, then purported to unilaterally rescind the policies and returned the premiums paid for them, asserting that its policyholders made material misrepresentations in their insurance applications. Federal also filed suit seeking declaratory judgment that its policies were void at inception or that coverage is barred by various policy exclusions.
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.
The Stranger to the Deed Rule
In 1987, a unanimous Court of Appeals reaffirmed the vitality of the "stranger to the deed" rule, which holds that if a grantor executes a deed to a grantee purporting to create an easement in a third party, the easement is invalid. Daniello v. Wagner, decided by the Second Department on November 29th, makes it clear that not all grantors (or their lawyers) have received the Court of Appeals' message, suggesting that the rule needs re-examination.