TOP-NOTCH TIPS FOR TRANSACTIONAL LAWYERS
By: The Transactional PAC
Come join the Transactional Alliance PAC meeting on Tuesday, September 23, 2014 at 1:55 p.m. at the NAMWOLF Annual Meeting & Law Firm Expo to gain some insightful, useful and helpful tips to assist you with your practice. Experienced transactional lawyers will be sharing their treasured tips and advice in a variety of practice areas in a fast paced, fun and informative session. Attendees will receive a handout full of helpful practice tips. Here are a few sample tips from the pros:
Secured Transactions: The Debtor’s Name Reflected on the UCC-1 Financing Statement must be absolutely correct.
- In representing lenders or other creditors in secured transactions, the name of the debtor as reflected on the UCC-1 financing statement must be absolutely correct to perfect the security interest of the creditor in the assets of the debtor. Even typographical errors can be fatal flaws.
Don’t rely on certificates of insurance—always insist on insurance policies when doing your due diligence or determining contract compliance.
- Only the policies, its declarations and endorsements will provide the information necessary to evaluate the nature and scope of coverage, as well as the all-important coverage exclusions and limitations.
Control your controlled/affiliated groups.
- It is critical that employers take into account the controlled or affiliated service group status of all related businesses for purposes of: (a) complying with health care reform and the state and federal rules regarding multiple employer welfare plans, (b) restrictions on executive compensation under Code Section 409A, (c) discrimination testing and distribution restrictions under a 401(k) plan; PBGC and multi-employer plan withdrawal liability for pension plans, among others.
A win-win for employers: Wellness programs may be credited toward affordable health care.
- Beginning in 2015, employers who are subject to the employer mandate to offer affordable health care coverage may credit amounts paid through certain smoking cessation wellness programs when calculating whether the health plan is “affordable” under PPACA (i.e., health care reform).