Author Bio

Stephen T. Whelan

Partner of Blank Rome

Stephen T. Whelan is a partner in the New York office of law firm Blank Rome and a former member of the ELFA Board of Directors (2013-2016). He can be reached at

Posts by Stephen T. Whelan


Nature abhors a vacuum. Equipment finance abhors bankruptcy. Whether in securitized or large, single-asset financings, financiers structure transactions to be “bankruptcy remote.” This article will discuss a December 2021 bankruptcy court bench ruling that found certain protective provisions to be... read more

DOUBLE TROUBLE: New York and California Threaten Many Business Practices

In 2016, the New York State attorney general sued Northern Leasing Systems (NLS), its officers and outside counsel for allegedly conducting business in a “persistently fraudulent or illegal manner.” The action was prompted by complaints from more than 800 equipment... read more

Tipping the Scales: Stipulate – and Lose, Part II

It happened again. This time, not simply via an oral ruling by a judge from the bench, but in a written opinion, for all the world to see. And even though the litigants settled their differences after the decision was... read more

Tipping the Scales: The Great Escape

If you are a secured lender, then you know to file a UCC financing statement to perfect your security interest in the collateral, whether or not it is tangible (such as equipment) or intangible (such as accounts or leases). You... read more

Stipulate — and Lose? The Danger of Relying on Casualty Values

It used to be so easy. Lessors would attach schedules of casualty values and early termination values to an equipment lease agreement. These values typically were expressed as a percentage of the lessor’s cost of the items of equipment suffering... read more

Blockchain: The Next Big Thing for Equipment Finance?

Two years ago, most readers of this article probably had not heard of blockchain. Since then, the following events have occurred: The keynote speaker at the 2017 ELFA annual convention identified blockchain as one of the top five trends in... read more

Don’t Be an April Fool: How to Avoid the Hague Hangover

In the latest variation on “April Fool,” the Hague Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary will become effective in the U.S. on April 1, 2017. In one of its parting... read more

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