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Business Law and Labor Law Updates
PERFECTION BY CONTROL UNDER PERSONAL PROPERTY SECURITY ACT
A security interest in a deposit account or investment property may be perfected by control.
Nothing in the Personal Property Security shall require a deposit-taking institution or an intermediary to enter into a control agreement, even if the grantor so requests.
A deposit-taking institution or an intermediary that has entered into a control agreement shall not be required to confirm the existence of the agreement to another person unless requested to do so by the grantor.
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WHAT IS ORGANIC AGRICULTURAL ACT?
It is the policy of the State to promote practice of organic agriculture that will benefit the farmers’ incomes
Organic refers to particular farming which is not in the classical chemical sense
Organic agriculture promotes the ecologically sound, socially acceptable, economically viable and technically feasible production of food and fibers
PERFECTION OF SECURITY INTEREST UNDER PERSONAL PROPERTY SECURITY ACT
On perfection, a security interest becomes effective against third parties.
A security interest in any tangible asset may be perfected by registration or possession.
A security interest in investment property and deposit account may be perfected by registration or control.
MAY AN EMPLOYER DECLARE A LOCKOUT?
Lockout is the temporary refusal of an employer to furnish a work
Employer may file a notice of lockout at least 30 days before the intended date
A decision to declare a lockout must be approved by a majority of the board of directors of the corporation or association or of the partners in a partnership