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November issue in PDF format
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Legal Opinions and Title Insurance Mitigate Risk Under The Cape Town Convention
Last month's newsletter contained an article on The Cape Town Convention on International Interests in Mobile Equipment ("Cape Town" or "CT") and the related Aircraft Protocol ("Protocol" and together with CT, "the Treaty") <i>www.unidroit.org/english/conventions/mobile-equipment/main.htm)</i> The Treaty is expected to raise many questions and present new risks before and after its expected effective date early in 2006. How do you answer these questions and prepare for the day the Treaty becomes effective? What options are available to a diligent and responsible lender, seller, buyer, lessor or lessee? How does one answer many of the questions posed in the October newsletter article? Two potential solutions lie in obtaining quality legal opinions and/or title insurance covering Cape Town risks.
Sarbanes-Oxley: Bane or Boon?
Expenditures to implement the provisions of the Sarbanes-Oxley Act ("SOX") are staggering. For instance, <i>CFO</i> magazine recently reported that 225 companies surveyed planned to spend an aggregate $6.2 billion on SOX compliance. It is no wonder, then, that questions are being raised as to the cost of this legislation relative to its benefits. This article examines the proposition that, given proper perspective and attention, SOX compliance can in fact lead to tangible benefits for equipment lessors.
State Licensing: A Trap for the Unwary?
Unlike consumer lenders and real estate mortgage brokers, lessors of business equipment have generally enjoyed freedom from state licensing requirements. A survey of state laws presented at this year's Equipment Leasing Association Legal Forum, however, has revealed that certain state licensing requirements do exist for commercial lessors, especially where motor vehicle leasing is concerned. This article describes certain of these requirements and highlights some of the areas in which there are statutes pertaining to licensure; the reader is advised to check the law in each state where he or she is doing business and never take freedom from licensing for granted.
In the Marketplace
Highlights of the latest equipment leasing news from around the country.
California Supreme Court Strikes Down Jury Waiver Clauses
The California Supreme Court has thrown a wrench into the California trial courts' long-accepted practice of enforcing contractual jury waivers by holding that such pre-dispute waivers do not effectively supersede a party's constitutional right to a jury trial. The court's conclusion is not surprising given the express provisions of the California Constitution, but it nonetheless sent a shockwave through the finance and leasing community.
In the Courts
Recent rulings you need to know.
Landlord & Tenant
Expert analysis of key cases.
October issue in PDF format
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Cape Town Convention: Complex Questions and Significant Opportunities
The Cape Town Convention on International Interests in Mobile Equipment ("Cape Town" or "CT") and the related Aircraft Protocol ("Protocol") (<i>www.unidroit.org/english/conventions/mobile-equipment/main.htm</i>) continue to advance slowly toward an expected effective date in 2006. When the Protocol enters into force it will affect virtually every commercial and business aviation transaction in the United States and many other nations around the world. Although Cape Town and the Protocol (collectively, the "Treaty") promise to facilitate aircraft financing and provide new financing opportunities, the Treaty also poses numerous questions and requires new approaches to documenting and closing aviation transactions.

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