Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
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.
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.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
Bit Parts
Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
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.
Disconnect Between In-House and Outside Counsel
'Disconnect Between In-House and Outside Counsel is a continuation of the discussion of client expectations and the disconnect that often occurs. And although the outside attorneys should be pursuing how inside-counsel actually think, inside counsel should make an effort to impart this information without waiting to be asked.