Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
U.S. District Court Finds Coverage Survives Procedural Changes of Bankruptcy
A bankrupt insured, particularly one with significant mass tort liability and assets primarily restricted to its insurance policies, should pay close attention to coverage issues during the bankruptcy proceedings to minimize subsequent difficulties in securing insurance recovery. Bankruptcy proceedings may complicate a bankrupt insured's access to its third-party liability insurance coverage, but, properly executed, the proceedings can be structured to safeguard access to coverage
For example, a 2009 decision, the United States District Court for the District of Maryland brought some clarity to the coverage-neutral aspects of bankruptcy by addressing efforts by a liability carrier to justify its denial of coverage upon the procedural changes wrought by bankruptcy. See Nat'l Union Fire Ins. Co. v. Porter Hayden Co., 408 B.R. 66, 2009 U.S. Dist. LEXIS 61992 (D. Md. July 7, 2009). The insured, the Porter Hayden Company, had sold and installed asbestos-containing insulation products for decades and, more recently, had emerged from bankruptcy proceedings with an injunction that channeled all asbestos claims to a trust for possible resolution with Porter Hayden's pre-discharge assets. The District Court rejected the argument by National Union Fire Insurance Company of Pittsburgh, Pennsylvania and American Home Assurance Company (collectively “National Union”) that somewhere between the injunction and the creation of the trust, National Union's obligation to provide coverage for the third-party claims against Porter Hayden had evaporated.
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.
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.
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.
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.