Representatives To Other Organizations
International Association of Commercial Administrators (IACA)
Paul Hodnefield (Corporate Service Company) & Darrell Pierce (Dykema Gossett PLLC) both are College Observers to IACA. IACA Model Administrative Rules (“MARS”) provide the framework for UCC operations at most state-level filing offices in the U.S. and also serve as a guide for those who search or file UCC records.
Joint Task Force on Security Interests in Equity Interests of LLCs and Other Unincorporated Entities
Larry Safran (Latham & Watkins, LLP) represents the College on the Joint Task Force. The Task Force is jointly sponsored by the LLCs, Partnerships and Unincorporated Entities Committee, Commercial Finance Committee and Uniform Commercial Code Committee. The group is working towards a model Security Agreement for limited liability company interests.
Model Intellectual Property Security Agreement Joint Task Force (MIPSA)
Katherine Simpson Allen and Howard Darmstadter are College representatives on the MIPSA Joint Task Force. The Model IP Security Agreement Task Force is working on a model security agreement and other documents dealing with intellectual property as collateral.
Steven Fleissig (Greenberg Traurig, LLP) is the College’s representative to the Synergy Group, a group of approximately 20 attorneys from various disciplines, principally in the real estate and lending arenas, brought together through the efforts of the American Bar Association. Representatives of the Synergy Group members (which include the ABA, ACREL (real estate lawyers), ACMA (mortgage attorneys), ICSC (shopping centers), and ICREW (real estate women)), meet about once a year. The Group has a role in helping the various real estate-related organizations organize their respective calendars was helpful and working together for common goals – such as dealing with the US Treasury regarding rules applying to attorneys handling money for clients – was also worthwhile.
ULC Drafting Committee on Regulation of Virtual Currencies
Pamela Martinson (Sidley Austin LLP) is the College representative on this Drafting Committee. In light of the rapid development of the virtual currency marketplace and interest in a common set of standards that would bring more certainty to regulation of participants in that marketplace, the ULC tasked the Committee with developing a draft uniform law on the regulation of virtual currencies by the next annual meeting of the ULC in July 2016. This ULC’s process will be influential in setting the standards for state regulation of virtual currency businesses.
UNCITRAL Working Group
Professor Neil B. Cohen (Brooklyn Law School) and Steven O. Weise (Proskauer, Los Angeles) represent the College as members of the Working Group. In the years since its establishment, UNCITRAL (United Nations Commission on International Trade Law) has been recognized as the core legal body of the United Nations system in the field of international trade law. A legal body with universal membership specializing in commercial law reform worldwide for over 40 years, UNCITRAL's business is the modernization and harmonization of rules on international business. The numerous groups' goals are aimed toward final approval of a model law scheduled for the summer of 2016.
Uniform Commercial Real Estate Receivership Act Project Committee
Professor Stephen L. Sepinuck (Gonzaga School of Law), sits on the Uniform Commercial Real Estate Receivership Act project committee to research, draft and promote enactment of uniform state laws in areas of state law where uniformity is desirable and practical. The Uniform Law Commission (ULC), also known as National Conference of Commissioners on Uniform State Laws (NCCUSL), now in its 124th year, provides states with non-partisan, well-conceived and well-drafted legislation that brings clarity and stability to critical areas of state statutory law. ULC members must be lawyers, qualified to practice law. They are practicing lawyers, judges, legislators and legislative staff and law professors, who have been appointed by state governments as well as the District of Columbia, Puerto Rico and the U.S. Virgin Islands.
Uniform Law Commission Drafting Committee for a Uniform Series of Unincorporated Business Entities Act
Carolan E. Berkley (Stradley Ronon Stevens & Young, LLP) represents the College on the drafting committee; ACCFL Treasurer Norman Powell is an advisor to the Committee. The Committee goal is to draft series provisions that can be added to some or all of the uniform unincorporated business organization acts other than the Uniform Statutory Trust Entity Act, and the committee is also authorized to draft revisions to the series provisions in USTEA if it believes such revisions are necessary. The statutes are not uniform, whereas uniformity is a benefit offered by most other unincorporated business entity laws. In 2015-2016 the Drafting Committee is considering the ability of each series to be a separate legal entity, the nature of public filings necessary to establish the entity and preserve transparency, and the power of the entity to hold title to assets.
WGLO (Working Group on Legal Opinions)
Sylvia Fung Chin (White & Case LLP) is the College’s representative to the Working Group on Legal Opinions. WGLO's mission is to bring together all constituencies concerned with giving and receiving legal opinions in order to foster a national opinion perspective, broaden the consensus that exists and provide a continuing forum for discussion of opinion issues. The Working Group on Legal Opinions provides a national forum for the discussion of important issues relating to closing opinions. Participants in the Working Group on Legal Opinions include opinion givers, opinion recipients, the ABA, state and local bars as well as rating agencies and law firm malpractice insurers.Twice each year, the Working Group on Legal Opinions brings together the heads of Law Firm Opinion Committees, representatives of Bar Associations and other attorney groups as well as representatives of opinion recipients and issuers to discuss current issues confronting the legal opinion bar. Emphasis is placed on risk management.