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A Guide to Landlord Lien Waivers
Businesses borrow money. Security for the repayment of a loan often includes a lien granted by the borrower to its lender on the borrower's equipment, trade fixtures and inventory (“Tenant's Property”). A lender and its borrower can expend significant time and resources negotiating the loan documents whereby the borrower grants the lender a security interest in Tenant's Property. Of course, businesses also frequently lease the space in which they conduct their operations (“Leased Premises”). If they plan to locate portions of Tenant's Property within a Leased Premises, a conflict of interests inevitably arises between the lender and the owner of the Leased Premises, ie, the borrower's landlord. A lender will want to obtain an unfettered right to enter the Leased Premises and remove the Tenant's Property without being deemed a trespasser or a converter of any interest of the landlord in Tenant's Property.
However, a landlord may have its own lien rights in Tenant's Property. Often the terms of lease agreements will specifically grant to the landlord a lien on the Tenant's Property as additional security for the tenant's performance of its obligations under the lease. Additionally, some states provide protection to landlords in the form of common law and statutory lien rights with respect to portions of Tenant's Property located on a Leased Premises. So long as a landlord is satisfied with a tenant's ability to perform its obligations under its lease (whether by virtue of a security deposit, third-party guaranty or confidence in the tenant's own financial wherewithal), the landlord may be willing to agree to waive or subordinate its security interests in Tenant's Property. Even if that is the case, though, a lender generally also requires that its borrower's landlord grant the lender access to the Leased Premises on its own terms for the removal and disposition of Tenant's Property. The idea of granting such a right of occupancy might not appeal to the landlord; after all, the landlord has already expended its own time and resources in negotiating a lease with the tenant.
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.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
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.
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.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.