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UCC §9-109 sets forth the scope of UCC Article 9. Under that section, “any transaction, regardless of its form, that creates a security interest in personal property or fixtures by contract” is governed by Article 9, subject to certain exceptions. Included among those exceptions is any “creation or transfer of an interest in or lien on real property, including a lease or rents thereunder.” UCC §9-109(d)(11). This exclusion is itself subject to an exception in the event of enforcement — that being as to security agreements that cover both personal and real property. UCC §9-604. The back-and-forth is certainly confusing, but what is clear is that it can be unclear exactly where the line between real property and personal property should be drawn.
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By Alan Nochumson and Clementa Amazan
The Commonwealth Court of Pennsylvania recently analyzed whether the City of Philadelphia’s selective reassessment in tax year 2018 of only commercial properties at current market value violated the Uniformity Clause and the Assessment Law’s requirement that the City assess all properties annually at actual market value.
A recent case in New York's First Department highlights the extreme deference appellate courts accord Board of Standards and Appeals (BSA) determinations interpreting the extraordinarily complex zoning scheme.
By Ann E. Ryan and Adrienne B. Koch
First in series of articles that will examine specific aspects of the COVID shift in which commercial lease negotiations are seeking protection against unlikely events. Part 1 focuses on casualty provisions.
By Beau Jones
Before investors get too carried away by the news of recovery in commercial real estate, they should pause to ask themselves, “what are we recovering from?”