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Second Circuit Limits Abuse of Conservation Easements
Conservation easements provide an attractive mechanism for preserving open spaces and historic buildings. Although some landowners undoubtedly create conservation easements out of pure altruism, tax advantages play a significant role in the creation of most conservation easements. In Scheidelman v. Commissioner, NYLJ 6/23/14, the Second Circuit made it clear that taxpayers who create conservation easements are entitled to a deduction only if the transfer reduces the value of their remaining property.
Mechanics of the Conservation Easement
In New York, section 49-0305 of the Environmental Conservation Law authorizes creation of conservation easements, and exempts them from common law rules that might otherwise apply to creation of an easement. For instance, a conservation easement may be enforced even if it is not appurtenant to any land, and even if it does not touch or concern real property. The statute provides that only “a public body or not-for-profit conservation organization” may hold a conservation easement, and that the easement shall be “of perpetual duration unless otherwise provided” in the instrument that creates the easement.
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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.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
The Stranger to the Deed Rule
In 1987, a unanimous Court of Appeals reaffirmed the vitality of the "stranger to the deed" rule, which holds that if a grantor executes a deed to a grantee purporting to create an easement in a third party, the easement is invalid. Daniello v. Wagner, decided by the Second Department on November 29th, makes it clear that not all grantors (or their lawyers) have received the Court of Appeals' message, suggesting that the rule needs re-examination.