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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 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.