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Uniform Fraudulent Transfer Act Claims in Florida Need Not Be Stayed Until Judgment
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).
October issue in PDF format
In the Marketplace
Highlights of the latest equipment leasing news from around the country.
The Unfriendly California Skies: Avoiding Sales/Use Tax on Aircraft Purchases
Imagine getting slapped with a $100,000 past-due tax bill from the state of California several years after you purchased an aircraft, and you don't even live in that state. Think it can't happen? Better think again, as this type of scenario plays out with increasing frequency as California grapples with perennial budget shortages.
A Primer on Portfolio Management Options for Parents and Captives
Imagine receiving a call from corporate indicating that your captive team has done a wonderful job of providing financing for your manufacturer parent organization. In fact, as a result of this excellent performance the parent company's leverage ratio is reaching the point that its financial rating may be reduced by the rating agencies. This is the type of good news/bad news call most captive managers would rather not receive.
Private Leasing Companies Can't Ignore Sarbanes-Oxley
According to AMR Research, which recently surveyed 60 Fortune 1,000 companies, it is estimated that the Fortune 1,000 will spend $2.5 billion in 2003 alone in costs associated with Sarbanes-Oxley Act compliance. How much more will be spent by smaller public companies and by those in the private-company sector is a mystery, but the total costs - in cash, time, consulting fees, lost opportunities, and human resources - will surely be staggering.
IN THE MARKETPLACE
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.
An Overview of The Terrorism Risk Insurance Act
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.
Automobile Lessors Beware: Vicarious Liability in Three States
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.
Industry Awaits Regulations under USA Patriot Act
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.

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