Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Assuring the Lessors' Protections Afforded By the Finance Lease
Generally, the lessor/lessee relationship is governed by Article 2A of the Uniform Commercial Code (the “UCC”). In many respects, Article 2A mirrors Article 2, treating ordinary lessors like sellers. 2 James J. White & Robert S. Summers, Uniform Commercial Code '13-3 (4th ed. 2005). For example, under UCC '2A-210 the ordinary lessor has express warranty liability similar to that incurred by a seller under UCC '2-313. Additionally, Sections 2A-212 and 2A-213 impose the familiar warranties of merchantability and fitness for a particular purpose on ordinary lessors. A lessee can assert the lessor's breach of these warranties by effectuating setoff, by suit for damages or by withholding performance. Id. Furthermore, where the lessee has filed a petition for relief under Title 11 of the United States Code (the “Bankruptcy Code”), the debtor-lessee may object to the allowance of the creditor-lessor's claim for rejection damages by asserting that the leased equipment was defective or unsuitable for the lessee's particular business.
Despite the similarities between the UCC's treatment of Sales and Leases, Article 2A affords special rights to the “finance lessor.” This article examines these rights and the impact of the relevant legal decisions upon them in order to provide finance lessors some insight as to what needs to be done to safeguard these rights.
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.