A sampling of the activities of each is described briefly in the following three sections. To more directly address the new issues raised by electronic transactions, three new uniform laws were enacted by the U. Congress and adopted by numerous states. The advantage of these uniform laws is that they standardize solutions to broad-reaching issues. For example, for U. Articles 1, 2, 2A, and 9, the U.
Uniform Commercial Code
With the passage of these acts, the Clinton administration formed an Interagency Working Group on Electronic Commerce IWGEC to explore the appropriate roles of government and the private sector in promoting commerce on the Internet and to draft a conceptual framework with which to guide U. Other pertinent U. In addition to its normal regulatory activities, the Federal Trade Commission FTC publishes numerous publications and guides to various consumer issues.
The following lists some of the FTC's resources on e-commerce. While all of the U. However, it is an important area that continues to evolve. Read full chapter. John J. When an applicant pledges collateral on a loan, Uniform Commercial Code UCC filings tell you whether others have filed a claim against the same collateral. The UCC online search delivers the following:. Collateral description e. Not all information may be available for all businesses. Some successful UCC searches may generate reports with no data at all. Even still, a report may contain useful information from computer databases.
Some databases are easily accessible to the PI directly; in other cases, the PI works through a vendor. The interesting part is that he built this database by scanning through publicly available documents, such as corporate asset listings, and Uniform Commercial Code UCC lien filings, looking for references to an ownership relationship between a machine and a company. Every time he brokered a transaction, he also updated his own database.
By doing this, not only was he able to keep track of who owned what, but he could also track the history of the machine, from its original construction via serial number through each subsequent owner. With this knowledge at his fingertips, he had successfully created a niche business in machinery exchange, enabling faster convergence on brokered deals. This is a good example of the exploitation of public data for business value. Public agencies and private industry data banks are two main sources of records. Public agency records reside with law enforcement agencies, criminal and civil courts, licensing bureaus, the military, social security administration, and others.
A voter registration record can be particularly helpful. It includes full name, current and former addresses, and other details. The Registry of Deeds lists people who own properties. A subject may own property that is required to have a deed on file. For example, if the deeded property is a yacht or a condo in Aspen, the investigator has places to look. It will contain a listing of property owners, the property owned, the assessed value, the payment or nonpayment of taxes, and the address of the owner.
If the taxed property, for example, is a truck, the investigator can assume that the subject is in the trucking business. From there, the investigator has another lead: chauffeur license issued by the Department of Transportation. A functional approach to security law looks beyond the actual form that a particular transaction takes, such as for example a pledge or a mortgage.
Rather, it focuses on its function, considering whether the transaction gives rise to an interest in property which has the effect of securing payment or performance.
Uniform Commercial Code
Although law in the United States was initially based on English Common Law McPherson, , English and American security law diverged considerably during the nineteenth and twentieth centuries. Concern over the potential for fraud on creditors precluded judicial recognition of the floating charge see English Common Law above. The absence of such a flexible and economically important device resulted, at least in part, in increasing the technicality of various forms of security.
A new approach was adopted from the s under Article 9 of the Uniform Commercial Code Gilmore, , which has subsequently been revised on a number of occasions. Article 9's influence has since spread to both Common Law and civil law jurisdictions, leading to significant changes in security law regimes. Prominent examples of Common Law jurisdictions are the Canadian Common Law provinces, New Zealand, and Australia, each of whom have enacted personal property securities legislation, from Ontario in to New Zealand in and Australia in It also may explicitly include some other types of arrangements which do not actually secure payment or performance of an obligation.
Outright transfers of particular types of debts may, for example, be included. Also included in some jurisdictions are certain operating leases, generally those for more than a term of 1 year where the lessor is regularly engaged in the business of leasing goods. The lessor thus finds itself in competition with other parties having security over the lessee's assets.
Security interests created under this type of legislation are interpreted as fixed in nature, leaving no room for the operation of a floating security see English Common Law above. In the absence of agreement to the contrary between the secured party and the debtor, a security interest may continue in the secured property despite the debtor dealing with it by, for example, selling or leasing it to a third party.
This has necessitated the express inclusion of rules whereby those third parties may be able to take the property free of security interests. The statutory regimes also provide a comprehensive framework for resolving competing priority claims, generally based initially on the secured party having perfected its security interest.
For policy reasons, however, certain types of secured parties may be preferred, such as vendors and lenders providing credit for the purchase of an asset where those secured parties' interests are characterized as purchase money security interests and where they have complied with relevant procedural requirements for registration.
A striking feature of these statutory regimes is the concept of notice filing or registration of claims to a security interest, as distinct from the more traditional concept of registration of the actual security interest.
Also of note is the provision of specific statutory remedies for enforcement. The principal, or characteristic difference between the families of the common law and of the civil law lies in the last of these. This is true despite the fact that both legal families have their roots in the Corpus Iuris Civilis of Justinian AD and that the common law has preserved some of these traditions to this day, while the civil law has moved closer to the common law in some areas.
Such a conclusion, however, would misconceive the role and function of statutory law and of the methodology in its application in the civil law, on the one hand, and in common law legal systems, on the other hand. Codes and statutes consist of rules in all legal systems.
gotafegy.tk These may be very specific or they may be stated with some degree of generality. In some areas, common law codes and other legal texts display extraordinary detail, attempting to anticipate every eventuality. The common law judge, as a consequence, will begin with the factual circumstances of the case and after examining, comparing, and weighing the factual elements of the case, will attempt to find a rule that fits it.
This rule may be one of statutory law or derive from prior decisional law. The civilian judge sees the case as a problem to be solved within the legal structure of the legal system.
First, the problem at hand must be fitted into a legal category. Civilians proceed by deductive reasoning , while the common law approach employs an inductive methodology. Categorization, as a structural characteristic of the civil law, also results in the drawing of sharp distinctions between different areas of the law.
Private law deals with legal problems that arise between natural persons or between natural and legal persons such as corporations , while public law for instance, constitutional law, administrative law, but also criminal law addresses the relationship between citizen and state. In some civil law systems, this results in the establishment of special courts to deal with these different areas of the law. The exclusivity of the Conseil's competence avoids some of the German problems.
The court made no finding as to the deposit.
On appeal, the tenant said that the landlord was entitled to offset the deposit by the rent due, but was then required to refund the balance of the deposit. As a result, the landlord owed him money. The Appellate Court agreed.
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It reasoned that under subdivision c of The landlord cannot offset the deposit for future rent damages, interest, or attorney fees it may recover in a lawsuit. Important in this case is the timing of the offset. Thus, while the entire purchase price is to be deposited into the escrow, only a portion or none may be cash. When a proper claim is timely submitted by a creditor into the escrow, the escrow agent must pay the claim from the cash in the escrow. A proper claim is one that is due and payable before the date of the bulk sale.
A timely submittal is one that is made in writing and is received on or before the date for filing claims set forth in the bulk sales notice. The balance of the purchase price can be disbursed to the seller. On or before the second business day after the disbursement of the purchase price to the seller, the escrow agent must send a notice to the claimant that the amount withheld will be paid to the seller unless the claimant files for and obtains a writ of attachment within 25 days of the mailing of the notice.