Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
The New York Uniform Commercial Code Comes of Age
New York justifiably prides itself on being one of the world's major financial and commercial centers. In addition, very few would dispute that New York is a, if not the, preeminent commercial law jurisdiction. As such, it is the jurisdiction of choice for a vast majority of all commercial transactions, both domestic and international. Parties in large non-consumer transactions with no connection whatsoever to New York often choose its law to govern their transactions, and New York statutes permit them to do so. See New York General Obligations Law ' 5-1401 and NY UCC ' 1-105. Jurists of state and federal courts located in New York City are among the world's most experienced in resolving complex commercial law disputes.
What most people do not know is that the New York Uniform Commercial Code is outdated. New York is the only state that has not adopted the 1990 amendments to Articles 3 (Negotiable Instruments) and 4 (Bank Deposits and Collections). Its Article 1 (General Provisions) does not reflect the many changes recommended in 2001 by the National Commissioners on Uniform State Laws (NCCUSL)) and the American Law Institute (ALI), which changes are now in effect in all but five states (New York, Georgia, Missouri, South Carolina and Wyoming) and Puerto Rico. New York UCC Article 7 (Documents of Title) does not contain any of the amendments proposed by NCCUSL and ALI in 2003 (RA 7). Although RA 7 has been enacted in 45 states and the District of Columbia, the New York State Legislature has yet to consider enactment of RA 7.
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.
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.
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.