PERFECTING SECURITY INTEREST IN GOODS OR CHATTEL
Under the Uniform Commercial Code (“UCC”), is a secured creditor required to file a new UCC-1 financing statement to perfect its security interest in equipment if a debtor moves its “location” to another jurisdiction? The answer may depend on whether the debtor is considered an “organiza ... Read More.
Consider this hypothetical: Plaintiff accounting firm (“Accounting Firm”) files a collection suit (“Action 1”) against defendant limited liability company (“LLC”) for nonpayment of invoices. In LLC’s answer to the Accounting Firm’s Complaint, LLC raises professional negligence as an “affirmative defense.” LLC fails to retain ... Read More.
As children, we're taught not to make promises unless we intend to keep them. The New Jersey Appellate Division recently reaffirmed this important lesson in an unpublished decision in which the court scolded a consumer who duped a car dealership by entering into a contract he knew he couldn’t honor. In upholding the trial court’s decision ren ... Read More.
While it is always preferred to have a written agreement defining the type of partnership, the purpose of the partnership, the duties and obligations of the partners, distribution of partnership profits and other key terms, under New Jersey law the short answer is no. An agreement to create a partnership may be oral, written or implied by the c ... Read More.