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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.
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.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
'Insurable Interest' and the Scope of First-Party Coverage
This article reviews the fundamental underpinnings of the concept of insurable interest, and certain recent cases that have grappled with the scope of insurable interest and have articulated a more meaningful application of the concept to claims under first-party property policies.