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It is standard operating procedure in the equipment leasing industry for lessors and similarly situated creditors to take all steps necessary and appropriate to perfect their security interests in the assets so leased or financed. This is a common-sense approach, whereby lessors and creditors avail themselves of all possible avenues to protect their collateral. The lessor reaps the benefit of the direct action that it takes in its own best interest.
Normally, when a lessor fails to take such steps, it must suffer the consequences of its own inattention. This might include, among other things, falling to a secondary position behind subsequent secured parties or losing priority status altogether and being reduced to the humble status of a general unsecured creditor. Loss of such status normally means loss of a first and irrefutable claim to seize the equipment. Fittingly, the lessor pays the price for its own missteps.
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.
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.
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.