News & Analysis as of

Lessee

Italy: New Rules on Financial Leases Provide Clarity

by Jones Day on

Law no. 124 of August 4, 2017 ("Law 124") provides important new rules on financial leases in Italy. It introduces a statutory definition of "financial lease" and deals with the event of serious breach (grave inadempimento)...more

Defence & Indemnity - June 2017 : Insurance Issues D. Insurance Corp. of British Columbia v. Lloyds Underwriters, 2017 ONSC 670,...

by Field Law on

The “lessee” or “renter” of a leased or rented vehicle for the purposes of auto insurance priority legislation is determined on the basis of who the lease/rental company can look to for payment. Insurance Corp. of British...more

Have You Reviewed Your Lease Maintenance Processes Lately?

by Gray Reed & McGraw on

You might conclude that the but-for-the-grace-of-God-that-could-be-me nightmare presented in In re: RPH Capital Partners is instructive only for lawyers. If so, you would be mistaken. The lesson: If you want to win the...more

The Cost of Clarity: IRS Issues Regulations Addressing Proper Treatment of Code Section 50(d) Income

by Williams Mullen on

On July 21, 2016, the IRS issued long-awaited regulations under Section 50 of the Internal Revenue Code (the “Code”) clarifying the manner in which “Section 50(d) Income” is to be recognized in lease pass-through investment...more

IRS Issues Proposed Rules on Income Inclusion under Section 50(d)(5)

by Foley & Lardner LLP on

The IRS just published long-awaited temporary regulations under section 1.50-1T governing the section 50(d)(5) income inclusion rules. These rules apply to lessees of investment credit property when the lessor elects to treat...more

Investment Tax Credit Lessee Income Inclusion Guidance Issued

by McDermott Will & Emery on

New Internal Revenue Service (IRS) temporary regulations provide guidance on the income inclusion rules that apply when a lessor elects to treat a lessee as having acquired investment credit property under Treas. Reg. §...more

Bureau of Ocean Energy Management Issues New NTL Changing Financial Security Considerations for Offshore Oil and Gas Companies

by Locke Lord LLP on

On July 15, 2016, the United States Department of the Interior Bureau of Ocean Energy Management (BOEM) issued a new Notice to Lessees and Operators (NTL) dramatically changing the way in which BOEM will evaluate the...more

Washing Out a Lessee By Email

by Gray Reed & McGraw on

Behold Mr. Clean. Even he can’t remove a pesky stain as skillfully as the landman who framed the conversation in a way that washed out a lessee. See Anadarko Petroleum Corporation v. TRO-X, LP Did the lessee retain any...more

Leases

by Blank Rome LLP on

TRUE LEASE V. DISGUISED SECURITY INTEREST - The characterization of a transaction as either a true “lease” or a secured transaction is likely to impact the putative lessor’s rights and remedies both with respect to the...more

Harrison Decision: Cabot Oil Denied Equitable Extension of Oil and Gas Lease

by Morgan Lewis on

The decision marks another departure by the Pennsylvania Supreme Court from “mainstream” oil and gas jurisprudence. On February 17, the Pennsylvania Supreme Court (the Court) unanimously ruled that state law does not...more

Tenant Who Sublets A Superfund Site Is Not Likely To Be A CERCLA Liable Party

It is generally the rule that a lessee who does not operate the property it rents will not be liable under CERCLA except in the unusual circumstance where the lessee qualifies as an “owner” of the property. Typically, this...more

Round Two – Ground Rent Holders vs. Legislature – Goes to…

by Pessin Katz Law, P.A. on

In a case decided February 26, 2014, State of Maryland v. Stanley Goldberg, et al., No. 8, September Term, 2013, the Maryland Court of Appeals found that legislation that replaced the remedy of ejectment with a...more

Judicial Ascertainment Clause in Mineral Lease Upheld

by Baker Donelson on

The Second Circuit Court of Appeal has upheld a "judicial ascertainment" clause in a 1971 mineral lease, B.A. Kelly Land Co., LLC v. Questar Exploration & Prod. Co., 2012 WL 5503665 (Nov. 14, 2012). ...more

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