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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.
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.
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.
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.