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Ability to Collect Rentals
The People ex rel. The Board of Trustees of Chicago State University v. Siemens Building Technologies, Inc., 900 N.E.2d 414 (Ill.App. 2008). While this case focuses more on the interpretation of a particular state statute ' the Illinois Public University Energy Conservation Act ' than on leasing law generally, it may be of interest to those contemplating financing for public entities. In connection with its attempt to obtain energy savings using equipment installed by Siemens Building Technologies, the state university entered into a master lease agreement with Siemens Financial Services (though the agreement is called a “lease,” the parties and court consider the substance of the transaction to be a security agreement). One of the issues decided here is whether the aforementioned Act prevents the use of “hell or high water” financing provisions under which the university must pay a lessor/financer for energy conservation measures even if the measures do not produce a savings to the university. In affirming a lower court decision that the Act does not prevent such a financing provision, this court states, “If we presume for purposes of this question that third-party financing was contemplated by the legislature, then the commercial reality of this type of lease makes it clear that the risk as between the lessee and lessor for defective equipment is to be placed on the lessee who has recourse against the supplier.”
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Transfer Tax Implications on Real Property Leases
The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.