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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.
New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
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.
How AI Has Affected PR
When we consider how the use of AI affects legal PR and communications, we have to look at it as an industrywide global phenomenon. A recent online conference provided an overview of the latest AI trends in public relations, and specifically, the impact of AI on communications. Here are some of the key points and takeaways from several of the speakers, who provided current best practices, tips, concerns and case studies.
CLE Shouldn't Be the Only Mandatory Training for Attorneys
Each stage of an attorney's career offers opportunities for a curriculum that addresses both the individual's and the firm's need to drive success.