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Concerns for Licensees of e-Commerce Software In Cross-Border Bankruptcies
Insolvency of a multinational corporation with U.S. and foreign assets brings the prospect of complex bankruptcy. A recent case illustrates some concerns a licensee of e-commerce-related software and other intellectual property could have when a foreign licensor files for bankruptcy outside the United States.
Chapter 15 of the U.S. Bankruptcy Code aims to provide a systematic, consistent resolution to cross-border insolvencies by charging federal bankruptcy courts to cooperate with foreign bankruptcy courts and, for the most part, defer to the insolvency laws of the country where the principal case was filed. Undoubtedly, conflicts exist between the U.S. Bankruptcy Code and insolvency codes of other nations. For instance, under '365(n) of the U.S. Bankruptcy Code (11 U.S.C. '365(n), while an intellectual-property licensor may reject an executory contract, such as a software license, that the bankruptcy estate deems burdensome, a licensee may elect to continue paying licensing fees and retain most of its rights under the license. Without licensee protections in '365(n), a bankrupt licensor could reject and terminate the license under '365(a) and auction the rights to another entity, leaving the licensees to either risk legal liability or re-bid for licenses for which they have already paid.
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.