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Case Notes
Despite State Law, Merger Extinguishes Renewal Rights of Successor in Interest
The Court of Appeals of Tennessee, at Nashville, has determined that, despite the general rule that a successor tenant fully takes on the rights and responsibilities of the previous tenant, a successor tenant does not have the right to exercise an option to extend its lease if the lease between the landlord and the original tenant specifically reserved that right for the signing tenant only. Simmons Bank v. Vastland Dev. P'ship, 2019 Tenn. App. LEXIS 321 (6/27/2019).
In 2003, First State Bank (original tenant) entered into a lease with Vastland Development Partnership (Vastland or landlord) for a portion of Vastland's building in Nashville. The lease specifically defined "Tenant" as "First State Bank." An addendum to the lease granted First State Bank a renewal option under the following conditions:
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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.