Now that best practices have developed with respect to the leasing of integrated systems of hardware and software and some reported court cases have addressed the issues associated with software leasing, it is an opportune time for the equipment leasing and legal professions to address possible statutory reform. The benefits to equipment lessors would include: 1. establishing a clear right to terminate the software license upon a breach of the lease; 2. clarifying the rights of a lessor with respect to software in the event of a lessee bankruptcy, and in particular clarifying that payments for the use of software sublicensed under a finance lease will be treated in the same manner as rental payments for the use of the leased equipment; and 3. clarifying the definition of "lease" so tha...
... so, will the software schedule constitute chattel paper?. * What is the effect on the sale, syndicat...
Assignee beware: those securitized payment streams stripped off equipment leases may have already been sold to another purchaser. These carry no assurance after the Bankruptcy Appellate Panel of the Ninth Circuit's recent holding that payment streams stripped off equipment leases are payment intangibles and not chattel paper. Classified as payment intangibles, assigned rental payment streams automatically perfect under Article 9 of the Uniform Commercial Code. This Note presents an in-depth examination of the proper classification of lease rental payment streams. The Commercial Money Center case impacts the growing securitization market, simplifying the perfection process for securitizations of lease rental payment streams. When this secured interest is combined with the monetary obliga...
The Uniform Commercial Code was developed to allow each state to adopt a uniform system of regulating various items that were often the subject of contracts throughout the United States. The intent of the draft was to provide a uniform system of contracting and, in the process, most Uniform Commercial Codes of various states include specific statements and rules relative to sales; leases; negotiable instruments; bank deposits; collections; funds transfers; letters of credit; warehouse receipts; bills of lading; documents of title; investment securities; and secured transactions, including sales of account, contract rights, and chattel paper. The Uniform Commercial Code has evolved over the years, and each state has its own specific breakdown and particular emphasis on portions of the ...
The In re Commercial Money Center Inc. case, in which the Bankruptcy Appellate Panel of the 9th Circuit held that the Uniform Commercial Code (UCC) protects flexibility in lease financing transactions at the expense of allowing a form of fraud that ultimately cannot be protected against is examined. It is concluded that the BAP was wrong to emphasize flexibility at the expense of preserving integrity in lease financing transactions, discussing some of the problems raised by the BAP's decision, and explains how the BAP could (and should) have read the UCC to both protect the integrity of lease financing while preserving the ability to fractionalize lease-derived forms of collateral. Some practical steps that may give at least partial protection against the problems created by the BAP's d...
... (and take separate security interests in) chattel paper leases and the payment streams generated the...
...(i) Paper of a kind ordinarily arising in commercial transac... in paragraph (c)(2) of this section), chattel paper, documents of title to personal property, an...
.... The benefits of "going paperless" and switching to an electronic form of alarm syst... alarm contracts are often classified as "chattel paper" under the UCC, or at least this is how the ...
... in this Agreement, all accounts, chattel paper, and instruments existing as of the Closing ...
... The benefits of "going paperless" and switching to an electronic form of alarm syst... alarm contracts are often classified as "chattel paper" under the UCC, or at least this is how the ...
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