Leases

News & Analysis as of

OFAC Provides Helpful New Guidance for Cuba

The Office of Foreign Assets Control (OFAC) updated its FAQs for Cuba on April 21, 2016 with substantive guidance that addresses U-turn transactions, export policy, insurance, educational and humanitarian activities and...more

Crude-by-Rail Update: Largest West Coast Terminal Proposal Suffocating Under Delay

The largest proposed crude-by-rail (CBR) transloading facility on the West Coast recently survived a major hurdle to its ultimate construction and operation—a lease extension. But with the proposed project enduring nearly...more

NH regulation of solar PPAs, leases

As distributed energy resources like solar panels become more widely adopted, how do typical solar business models like solar power purchase agreements or solar leases match up to state utility laws? While the answer may...more

Lease Accounting Changes Are Around the Corner: How Will This Affect Borrowers Under Credit Facilities?

Off-balance sheet operating leases are an important part of many companies’ financing strategies. A key attraction of operating leases is that neither leased assets nor lease payments are recorded on a company’s balance...more

When are Lease-to-Own Agreements Subject to State Disclosure Requirements?

In a recent decision, the Massachusetts Appeals Court held that a three-year lease-to-own agreement for a water heater was not subject to certain disclosure requirements. In the case, Saia v. Bay State Gas Co., 88...more

California floating offshore wind project proposed

The U.S. Bureau of Ocean Energy Management is moving toward the prospect of leasing sites for commercial wind energy development in federal waters offshore California. A January 2016 request by Trident Winds, LLC for a lease...more

New Lease Accounting Rules and Their Effect on Lessee Balance Sheets

Last month, the Financial Accounting Standards Board (FASB) issued a new lease accounting standard that fundamentally alters how leases are recorded on a lessee’s financial statements. These changes to lease accounting could...more

New Accounting Standards from FASB Create Big Changes for Leases

In February, The Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) addressing financial reporting about transactions involving leases. These new accounting standards have been in...more

Pennsylvania Court: Sublease of Production Rights Does Not Sever “Dual-Purpose” Oil and Gas Leases

In a published opinion, the Pennsylvania Superior Court ruled that utilization of the subject land for gas storage held production rights under a “dual-purpose” lease providing for both storage and production. See Loughman v....more

NY offshore wind zone announced

U.S. ocean energy regulators are advancing plans to lease sites off New York for potential commercial wind energy development. The federal Bureau of Ocean Energy Management's designation of a Wind Energy Area could...more

A-1 Self-Storage Unit Protection Plan: California Court of Appeal Defers to Agency Interpretation of the Insurance Code

The California Court of Appeal recently affirmed a ruling that an optional protection plan in a storage rental contract to transfer the risk of property damage or loss from the renter to the rental company did not transform...more

The New Lease Accounting Standard–What Lawyers Need to Know Now

With calendar year-end Form 10-K filings almost completed, you may have noticed the addition of Accounting Standards Update No. 2016-02 “Leases (Subtopic 842)” to the MD&A subsection addressing new accounting standards. In...more

The New Lease Accounting Rules - Implications for Financing Agreements

New updates to accounting standards issued by the Financial Accounting Standards Board (“FASB”) on February 25, 2016 and by the International Accounting Standards Board (“IASB”) on January 13, 2016 will dramatically change...more

State, Local Taxes on Tribal Leases Vulnerable After California Court Order

Indian country may be close to another victory against state and local taxes. On Feb. 8, 2016, a California district court issued an order that signals it is likely to invalidate Riverside County's imposition of a possessory...more

Big Changes in Lease Accounting: FASB Releases Final Standards

The Financial Accounting Standards Board (the “FASB”) released the long-anticipated final standards, Leases (Topic 842) (the “Final Standards” or “Topic 842”), on February 25, 2016, completing an overhaul of the lease...more

New GSA Global RLP and Lease Forms Hit the Streets

In September 2015, the U.S. General Services Administration (GSA) issued Lease Acquisition Circular (LAC) 2015-06, which required GSA's Lease Contracting Officers (LCOs) to cease the use of earlier Request for Lease Proposal...more

New accounting standard, IFRS 16 Leases — impact on facility agreements

On 13 January 2016, the International Accounting Standards Board (IASB) published a new accounting standard relating to the accounting treatment of leases?IFRS 16 Leases. The new accounting standard will take effect from 1...more

The Shale Play Today: First Quarter 2016

The Best Protection - Safeguards in Purchasing Distressed Oil and Gas Assets - In the current environment of depressed prices for oil, natural gas and related liquids, oil and gas wells, leases and properties are coming...more

Supreme Court of Pennsylvania Holds Lease Exception of Local Tax Enabling Act Does Not Prevent Business Privilege Tax from...

On December 21, 2015, the Supreme Court of Pennsylvania held that the exception in 53 P.S. §6924.301.1(f)(1) of the Local Tax Enabling Act (LTEA), which prohibits the taxation of leases and lease transactions, does not...more

California Appellate Court Holds Unruh Act Does Not Apply to Legislative Action

Decision Comes in Short-Term Rental Ordinance Litigation - California’s Unruh Civil Rights Act, which prohibits a business establishment from discriminating in housing or other accommodations, does not apply to an...more

Understanding the New Texas “Open Carry” Gun Laws

Effective January 1, 2016, individuals with a license to carry will be authorized to carry a holstered handgun openly in public. Texas property owners must comply with specific requirements if they decide to prohibit guns on...more

California Appellate Court Addresses Lease-Back Financing Plan to Fund Public Infrastructure Improvements

Court Finds Plan Does Not Violate Requirement that Municipal Indebtedness be Approved by a Two-Thirds Vote of the Electorate - A lease-back financing plan the City of San Diego adopted to fund public infrastructure...more

Maryland Court of Special Appeals finds Tenant Entitled to Jury Trial

In Kirk v. Hilltop Apartments, L.P., the Maryland Court of Special Appeals (No. 2054, September 30, 2015, Krauser, C.J.) was called upon to decide a novel question. If a lease has no expiration date and a tenant sues a...more

Taxpayers Stand to Lose Under Chicago’s Lease Tax VDA Offer

Yesterday, the City of Chicago (City) Department of Finance (Department) published an Information Bulletin that provides additional guidance on the Personal Property Lease Transaction Tax (Lease Tax) and extends a new...more

US auctions NJ offshore wind sites

The U.S. Department of the Interior has auctioned the rights to lease nearly 344,000 acres offshore New Jersey for potential offshore wind energy development. Under federal law, the Department of the Interior's Bureau...more

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