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Central Leasing Corporation of Birmingham, AL has named Barry Thomas as credit manager. Formerly vice president and group manager at SouthTrust Bank, Thomas will be responsible for overseeing the credit department for the commercial leasing and finance company. In addition, he will also be responsible for managing day-to-day operations.
The Terrorism Risk Insurance Act of 2002 (the Act) was signed by President Bush on November 26, 2002. Lessors should be familiar with the Act as it provides protection against certain terrorist threats and affects multiple lines of insurance coverage they may want from lessees. The Act also requires awareness of new changes in lessors' insurance documentation and coverage.
A Rhode Island Supreme Court decision has caused lessors to think twice about leasing motor vehicles in the State of Rhode Island. In <i>Oliveira v. Lombardi</i>, 794 A.2d 453 (R.I. 2002), the Rhode Island Supreme Court held that two automobile leasing companies may be held vicariously liable under Rhode Island's vicarious liability statutes for the negligence of drivers operating motor vehicles titled in the leasing companies' name.
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The USA Patriot Act was signed into law by President Bush on October 26, 2001 (the 'Enactment Date'). Its stated purpose is to enable law enforcement officials to track down and punish those responsible for the 9/11 terrorist attacks and to protect against any similar attacks.
What terrorism risks do passive owner/lessors face regarding their leased property? Have lessors changed their views or analysis of how to protect their lease investments from terrorism since 9/11 and the war in Iraq?
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Highlights of the latest equipment leasing news from around the country.
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As described last month, the lease is the second element of the tripartite lease transaction. (The tripartite transaction in question consists of two elements and three parties: the first element involves the transfer of equipment from a supplier to a finance lessor, and the second element consists of the lease of such equipment from the finance lessor to the lessee with a supplier support guarantee.) The hidden recharacterization risk is embedded in the first element, that is the transfer of title of the equipment from the supplier to the finance lessor. Depending upon the nature and extent of a supplier guarantee that may be required to support the lease in these tripartite transactions, this transfer may be considered by a reviewing court as a loan instead of a sale.
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Many firms take on the quest for a lease partner without first conducting a careful review at this very important starting point. Who you will work with on your lease project is critical and crucial to the success of your lease.
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Last month's article discussed the effect that FASB Interpretation No. 46 will have on leasing and other variable interest entities. This month, we continue our analysis of FIN 46 in relation to how and when to consolidate, who qualifies as a related party, what the impact will be on private companies and multi-lessor entitites, and the overall impact of FIN 46 on leasing transactions.
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Section 1110 of the Bankruptcy Code, 11 U.S.C. ' 1110, provides a special exemption from the automatic stay provisions of the Code, permitting a lessor to take possession of certain equipment 60 days after the lessee files for bankruptcy. This obtains unless the lessee's trustee performs the lessee's obligations, and cures all pre-bankruptcy defaults within the 60-day period. Lessors of aircraft are familiar with the myriad cases that have interpreted the application of Section 1110 to such equipment (see Section 1110(a)(3)(A)(i)).