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New UCC Legislation: The Creation of a Substantial Debtor Name Due Diligence Burden
Two states recently enacted non-uniform amendments to UCC Article 9 that should be of urgent concern to the equipment leasing and finance industry. Legislation in both Tennessee and Nebraska extends added protection to UCC filers from the risk created by uncertainty over sufficiency of individual debtor names. A secured party must provide the correct name of the debtor when filing to perfect a security interest. Yet, Article 9 offers no guidance to help a secured party determine the correct name of an individual.
Unfortunately, the new protection for UCC filers really just shifts the risk of debtor name variations to prospective lenders. As a result, lenders must exercise a heightened level of due diligence before entering into transactions with individuals in these states. This article discusses the individual debtor name problem, explains the effect of this legislation, and recommends due diligence best practices for lenders dealing with individuals located in Tennessee and Nebraska.
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?
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.
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.