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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 Stewart E. Sterk
In a set of foreclosure cases decided in late February, the Court of Appeals resolved some of the questions that have plagued New York’s court system in the aftermath of last decade’s mortgage crisis.
By Stephanie C. Lieb and Alexander Zesch
Retail, entertainment and hospitality have been hit particularly hard by government-mandated COVID-19 shutdowns. For many, the road ahead will end in, or lead through, bankruptcy. Bankruptcy law has a language of its own, making it challenging to navigate the process for everyone involved, including for the landlords of bankrupt businesses worried about missing rent payments.
By Les Shaver
Adaption was a critical skill for many commercial real estate firms throughout the pandemic. Companies had to hustle to get the supplies to protect their employees and residents. They’re not only thinking about what can protect their occupants from COVID, but what high-tech investments can make their buildings healthier in the future.
By James D. Silver
While residential cases will grab the headlines, commercial property owners, managers and their attorneys should know that financially troubled tenants will be making news of their own. Armed with the hope of keeping their business afloat, they will unveil, or expand on, defenses to mitigate the pandemic’s financial impact and to save their leases.