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Virtual currencies continue to gain acceptance in commercial transactions. As a result, financial institutions are beginning to accept such currencies as collateral for financings. Could this become common for independent film productions and other entertainment industry ventures? However, Article 9 of the Uniform Commercial Code (UCC) falls short of providing adequate guidance on how to create or perfect a security interest in virtual currencies. This uncertainty, and the consequent risks to lenders, are further exacerbated by the lack of helpful case law and non-uniform state laws. Recognizing this problem, the Uniform Law Commission and the American Law Institute in 2019 organized the Uniform Commercial Code and Emerging Technologies Committee to consider changes to the UCC intended primarily to address “digital assets” (a term used but not defined by the Code drafters), such as some virtual currencies.
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By Stan Soocher
Can the settlement of a lawsuit by one profit participant in a TV production be used to increase the contingent compensation provisions of other profit participants in the show?
In-House Counsel Perspective on Negotiating Social Media Influencer Contracts
By Chris O’Malley
With the FTC amping up its scrutiny in the social media influencer space, in-house counsel has an opportunity to mitigate risk and help their companies get more bang for their influencer marketing buck.
Pursuing AI Programmers and Third Parties over Alleged Rights Violations Caused by AI Software
By Jonathan Bick
Because AIs are capable of causing harm but cannot be a legal entity, they are not held accountable by court action. Several current and future possibilities exist to resolve AI difficulties. Current options involve identifying indirect liability. Future options include but are not limited to changing the law to make an AI a legal person and/or changing the law to make AI programing an ultra-hazardous activity.
By Entertainment Law & Finance Staff
Notable recent court filings in entertainment law.
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