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A Tenant's Perspective on SNDAs: Non-Disturbance Is Not Enough
Part One of this article, last month, outlined the basic elements of a subordination, non-disturbance and attornment agreement (SNDA), which regulates two competing interests in the same property — tenant's right to possess its premises pursuant to its lease and mortgage lender's security interest in that same premises. Part Two explains the differences between the concepts of "non-disturbance" and "recognition," while contending that lease recognition is more important to the tenant than not having its possession disturbed.
Personal Covenants vs. Real Covenants
A covenant is simply an agreement. An in personam covenant binds the person who grants the covenant, whereas an in rem covenant binds a thing. Black's Law Dictionary indicates that "in personam" is a Latin phrase meaning "against a person" and that "in rem" is a Latin phrase meaning "against a thing." In personam, and In rem, Black's Law Dictionary (9th ed. 2009). In the real property context, in rem covenants are sometimes referred to as "real covenants" whereas in personam covenants are "personal covenants." A personal covenant only binds the person who makes the covenant and any successor who expressly assumes that covenant. In contrast, a real covenant binds the real property itself and is sometimes said to "run with the land." Any person who succeeds to the ownership of the property will also be bound to honor the real covenant, whether or not he or she expressly agrees to assume it, so long as he or she has actual or constructive notice of the covenant.
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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.