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The following excerpt is taken from The ABCs of the UCC: Related Insolvency Law, Second Edition by Alvin C. Harrell, Fred H. Miller, Copyright 2006 by the ABA Section of Business Law. Reprinted here with permission. The material contained herein represents the
opinions of the authors and editors and should not be construed to be the action of either the
American Bar Association or the Section of Business Law unless adopted pursuant to the bylaws of
the Association. Nothing contained herein is to be considered as the rendering of legal advice for
specific cases, and readers are responsible for obtaining such advice from their own legal counsel.
To request reprint permission, contact the Manager, Copyrights and Licensing, at (312) 988-6102.
For the complete excerpt, click here
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Message from the Chair, Linda C. Hayman
On the theory that "bad publicity is better than no publicity"
perhaps the unfortunate remarks of Charles Stimson earlier this month may
ultimately have had the unintended effect of reminding us all once again
that our judicial system depends upon the willingness of lawyers to
represent the most unpopular, and even the despised, members of our society
- and to represent them zealously.
By now you have undoubtedly heard and considered the remarks of Charles D.
Stimson, the Deputy Assistant Secretary of Defense for Detainee Affairs.
Many lawyers from all parts of the profession have volunteered to represent
detainees at Guantanamo Bay. Mr. Stimson, who is himself a lawyer, singled
out fourteen of the nation's leading and most well-respected law firms and
suggested that their clients make them choose between representing
"terrorists" and representing reputable companies. Mr. Stimson
suggested that some of the lawyers representing Guantanamo Bay detainees
might even be funded from "monies from who knows where."
The response was sharp and immediate - from government, the lawyers and
many of their clients, and from the organized bar. ABA President, Karen
Mathis replied "to impugn those who are doing this critical work - and
doing it on a volunteer basis - is deeply offensive to members of the legal
profession, and we hope to all Americans." At its January meeting,
the Council of the Section of Business Law endorsed the remarks of President
Mathis and expressed its appreciation to each of the law firms identified
by Mr. Stimson both for their commitment to the highest ideals of the
profession, but also as representatives of all of the many other lawyers
who elect, whether for compensation or on a pro bono basis, to
represent the unpopular and disfavored among us. Ultimately Mr. Stimson
said he regretted that his earlier comments left the impression he was
attacking the integrity of these lawyers.
Looking ahead, Mr. Stimson's remarks have served at least one useful
purpose. They have focused the attention of the bar and the country on the
extraordinary and exemplary work of lawyers who represent unpopular or
disadvantaged clients, and more importantly, on the importance of this
representation. The more despised the client, the greater the risk of a
miscarriage of justice. If the disfavored and unpopular are left with
inadequate representation, our cherished rule of law may become an empty
promise. This is true whether the client receives pro bono
representation or pays the lawyer for his or her representation. Perhaps
ironically, Mr. Stimson's statements are a potent reminder that providing
representation to those in greatest need, whether or not the lawyer
personally supports the action or beliefs of the person being represented,
is among the highest callings of the legal profession.
Law firm clients are of course free to consider any factors they wish when
choosing their counsel. We hope that, rather than boycotting firms who
provide representation for the disfavored, companies will applaud these
efforts and consider the nature and extent of a firm's pro bono
efforts as a positive factor when selecting counsel. We were all heartened
by the number of companies who stepped forward in the last weeks to voice
their public support for the rule of law - and the law firms who represent
the disfavored.
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Linda C. Hayman
Chair, Section of Business Law
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Rockwell Automation and Johnson Controls recently took $18.1 and $7 million
after tax charges against earnings, respectively, and some utilities have
recorded similar charges in excess of $200 million—all as a result of
FIN 47, which requires the accrual of charges with respect to an asset's
anticipated retirement even where the timing or costs of the retirement are
uncertain.
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Nanotechnology may become the
transformational technology of the 21st century.Yet, studies have
shown that certain nanoparticles may pass through cell membranes into
sensitive sites throughout the body, including bone marrow, spleen, heart
and brain. Other nanomaterials have been found to interfere, potentially,
with the body's antioxidant defenses.
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These materials cover the SEC's principal compliance concerns regarding
investment companies and investment advisers and summarize the potpourri of
legislative, regulatory and judicial developments that have affected
investment companies and their managers.
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A Legal Opinion Risk Seminar, held in New York last October, was sponsored
by the American Bar Association, the TriBar Legal Opinion Committee, the
Legal Opinion Committees of several major commercial states and law firms.
A Legal Opinion Study Group, which worked over the course of a year in
planning the seminar, included members of various state bar legal opinion
committees, in-house counsel, representatives from lawyer liability
insurers, rating agencies and others.
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This article reviews
some recent decisions interpreting the Uniform Commercial Code that the
author believes are "flawed" in their analysis or result.
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Litigation officially entered the information age on December 1, 2006, when
amendments to the Federal Rules of Civil Procedure went into effect
expressly aimed at discovery of electronically stored information. The new
rules are intended to address three broadly defined aspects of electronic
discovery ("e discovery"): (1) issue identification, (2)
production, and (3) preservation.
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Catch up on the latest developments in bankruptcy law in 2006 including a
very good summary of litigation decisions during the year.
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Committee Spotlight
To learn more about or join the committees that contributed to this month's practice points, just click on the committee name below.
Section members are eligible to join the Section's committees at no
additional cost. Become involved or simply stay in the information
flow. It's FREE!
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The Committee on Nonprofit Corporations is
calling for nominations for the 2007 Outstanding Nonprofit Lawyer Awards.
Awards are given annually in the following categories: Academic, Attorney,
Nonprofit In House Counsel, Young Attorney (under 35 or in practice less
than 10 years) and Vanguard Award (lifetime commitment/achievement.) For a
nomination form, click here.
Nominations are due by February 15, and the Awards will be
announced at the Spring Meeting in Washington, D.C.
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