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In a Sept. 25, 2003, opinion, the Florida Supreme Court held that a claim under the Florida Uniform Fraudulent Transfer Act (FUFTA) does not need to be stayed until a judgment is obtained against the alleged fraudulent transferor. <i>Friedman v. Heart Institute of Port St. Lucie, Inc.,</i> 2003 WL 22208004 (Fla. 2003).

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A Missouri bankruptcy court has permitted a creditor to take possession of spare aircraft parts and equipment from a debtor despite the fact that the creditor failed to perfect its security interest in the equipment. In an issue of first impression in the Sixth Circuit, the court held that under the plain language of Section 1110 of the Bankruptcy Code, a creditor, as a conditional vendor, had a right to take possession of the collateral pursuant to its agreement with the debtor, and that this right was not limited or otherwise affected by any other section of the Code (including Section 544) or by any power of the court. <i>Vanguard Airlines, Inc. v. International Aero Components, Inc.,</i> 295 B.R. 908 (Bkrtcy.W.D.Mo.,2003).

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The Association of Consumer Vehicle Lessors (ACVL) of Nashville, TN has released its "New York Vicarious Liability Survey," which casts an ominous cloud over the future of consumer vehicle leasing in New York State. The survey, conducted in September 2003, details the magnitude and effects of vicarious liability suits against ACVL member companies in New York from Jan. 1, 2000 to June 30, 2003. The results evidence the enormity of the vicarious liability claims filed against New York consumer vehicle lessors and explain why some ACVL member lessors have suspended their leasing programs in New York altogether while others have imposed special fees for leases written in New York.

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On July 23, 2003, the Financial Accounting Standards Board (FASB) approved the issuance of five FASB Staff Positions (FSPs) providing guidance on the application of FASB Interpretation No. 46, Consolidation of Variable Interest Entities. (An FSP is the means by which the FASB staff communicates its views on the proper application of FASB literature when it believes there is only one acceptable interpretation. Prior to February 2003, FASB staff guidance was communicated through Staff Implementation Guides or announcements at meetings of the FASB's Emerging Issues Task Force.)

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Highlights of the latest equipment leasing cases from across the country.

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Recent rulings of importance to your practice.

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Analysis of recent rulings you need to know.

The Enron, Tyco and WorldCom scandals have greatly heightened the fiduciary duties of directors and officers and the scrutiny paid to them. The spotlight on corporations and their managers is likely to shine brightly for years to come. This article offers ten practical tips for handling sensitive investigations in an era where shareholders, prosecutors, regulators and courts are likely to scrutinize the response of organizations to inevitable episodes of suspected corporate misconduct.