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Substance, Not Form, Dictates Characterization of Assignment of Lease
In a recent decision, the Tenth Circuit held that an assignment of lease and certain lease-related equipment was a secured transaction, and not a true sale, despite the execution of a bill of sale from the assignor to the assignee. Stillwater Nat'l Bank and Trust Co. v. CIT Group/ Equipment Financing, Inc., 383 F.3d 1148 (10th Cir. 2004).
The Stillwater case involves a dispute between the plaintiff Stillwater National Bank and Trust Company (“Stillwater”) and defendant CIT Group/Equipment Financing, Inc. (“CIT”) regarding their respective rights to proceeds from the sale of certain equipment (the “Equipment”) that was once owned by a third party Sabre International, Inc. (“Sabre”). Stillwater was a secured creditor with a properly perfected blanket lien on all of Sabre's assets. CIT was the assignee of a lease by which Sabre leased the Equipment to a third party. The determination of priorities as between Stillwater and CIT depended upon whether the assignment of lease transaction between Sabre and CIT was a secured transaction or a true sale.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
How AI Has Affected PR
When we consider how the use of AI affects legal PR and communications, we have to look at it as an industrywide global phenomenon. A recent online conference provided an overview of the latest AI trends in public relations, and specifically, the impact of AI on communications. Here are some of the key points and takeaways from several of the speakers, who provided current best practices, tips, concerns and case studies.
New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.