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UCC ' 1-203: A Few Lesser (and Not Always Lessor) Known Pitfalls
Can a lease with a 10% purchase option ever not be a true lease? Most lessors know the answer is “yes.” A simple three-year forklift lease is a good example. Surely both the lessee and lessor would predict, at the time the lease is written, that the equipment will be worth far more than 10% after three years. The transaction therefore would fail to pass the nominality test under ' 1-203 of the Uniform Commercial Code (“UCC”) and would be deemed a security agreement. Simple enough.
So can a lease with a fair market value (“FMV”) purchase option ever not be a true lease? Some lessors would say “yes,” but probably many more would say “no,” or at least would hedge and say “I don't think so.” The correct answer, though, is “absolutely yes.”
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.
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?
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.
Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.
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.