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Improved Results for Leasing Industry at Midyear
In a welcome relief to many in the leasing industry, the results contained in the Equipment Leasing Association's Quarterly Performance Indicators Report (PIR) for the second quarter of 2004 show some very favorable numbers. Specifically, there has been a net gain in two of the most important indicators: Total Net Portfolio and Total New Business. In addition, on time payments are up from a year ago while delinquencies are down. Charge-offs are down while employment in the industry and credit approvals are up when compared with the figures from the second quarter of 2003. This is very good news indeed.
The industry's total net portfolio was slightly inconsistent over the past 12 months, but overall, net portfolios grew by a healthy 5.7% from June 30, 2003 to June 30, 2004. Total net portfolio for the second quarter 2003 was $40.1 billion, which then increased slightly to $40.3 billion in the third quarter of 2003, before jumping to the 12-month high of $42.9 billion at year's end. The present year showed a small first quarter decrease to $42.2 billion and a recovery for the second quarter to $42.4 billion. By comparison, the increase for the same time period in the 2003 survey was only 1.4%.
Perhaps the most encouraging result was seen in the area of total new business volume, which closed the midyear of 2004 up by an impressive 21.3% from the second quarter of 2003 after a somewhat uneven 12 months. At the close of the second quarter of 2003, new business volume was $4.7 billion, which then rose to $5.2 billion at the end of the third quarter of 2003. The end of 2003 saw the usual annual gain, rising to the 12-month high of $6.7 billion in new business. Just as quickly, however, the bottom fell out and new business dropped 35% to $4.6 billion in the first quarter of 2004. Fortunately, there was a healthy rebound to $5.7 billion to close out the midyear. Overall, a reasonably nice year, especially considering that the total gain was more than twice that of a year ago when the increase for the same time period in the 2003 survey was 10.4%.
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.
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.
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.