When secured creditors place an “all asset” agreement in their financing statement, they should be aware that less may be more. When First Niagara Bank supplemented the typical “all assets” language in its security agreement with a property description, the bank opened the door for some complex litigation.
The Family and Medical Leave Act (FMLA) is a federal law which allows eligible employees who work at businesses with 50 or more employees, and select employees who work at governmental organizations or certain schools with less than 50 employees, to take 12 unpaid weeks from work for specific family issues, such as when a new baby is born or when a family member is ill. However, due to gaps in the federal program, only about 20 percent of new mothers are eligible under FMLA. The New York State Assembly has expanded the parameters of FMLA by passing the Paid Family Leave Act on March 17, 2015, which mandates pay for employees taking leave. The bill is pending in the State Senate.