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Good News for Lenders to Leasing Companies in Canada
U.S. lessors doing business in Canada should be aware of recent developments in Canadian case law that establish the priorities between a lessor and a funding source in a leasing transaction. The recent British Columbia Court of Appeal case of Perimeter Transportation Ltd. (Re) 2010 BCCA 509 (the “Perimeter case”), provides some relief to companies that finance lessors when the lessor fails to properly register financing statements against its lessees. It also reinforces the importance of a lessor properly registering financing statements against its lessees.
A typical financing structure used in Canada to fund the leasing industry is for third-party funders, either through a securitization or a traditional loan, to lend against a pool of leases which the borrower has entered into with its clients (lessees). A typical covenant in the financing contract is that the lease is supposed to be registered under the Personal Property Security Act (“PPSA”) to protect against the lessee's insolvency. The issue has always been unclear as to what if the lessor failed to register. Did the financing source lose its security? The Perimeter case now provides clarity and, to the funding source, a welcome relief, but also serves as a wake-up call to lessors.
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.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
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.
Discovery of Claim Construction and Infringement Analysis May be Compelled Prior to a Markman Hearing
A defendant in a patent infringement suit may, during discovery and prior to a <i>Markman</i> hearing, compel the plaintiff to produce claim charts, claim constructions, and element-by-element infringement analyses.