On October 26, 2021, the First Department issued a decision in Sajust, LLC v Mendelow, 2021 NY Slip Op. 05835, holding that an LLC member’s claim based on the decrease in the value of its capital account was derivative, not direct . . . Continue reading LLC Member’s Claim Based on Decrease in Value of its Capital Account is Derivative, Not Direct
Christine Brunie of the Oakleaf Group recently published a paper on LIBOR transition.
On October 28, 2021, the First Department issued a decision in Oberon Sec., LLC v. Titanic Entertainment Holdings LLC, 2021 NY Slip Op. 05929, holding that the affiliates of a contracting party were bound by the contract’s terms, including its forum selection clause . . . . Continue reading Affiliates of Contracting Party Bound by Contract’s Terms, Including its Forum Selection Clause
On October 27, 2021, the Second Department issued a decision in Jacobson Dev. Group, LLC v. Grossman, 2021 NY Slip Op. 05851, holding that res judicata applies to claims that could have been brought in a prior action but were not . . . Continue reading Res Judicata Applies to Claims that Could Have Been Brought in Prior Action but Were Not
On October 7, 2021, Justice Emerson of the Suffolk County Commercial Division issued a decision in JRAP Enters., Inc v. Zucaro Constr., LLC, 2021 NY Slip Op. 50967(U), holding that the existence of a joint venture depends on an agreement to share both profits and losses . . . Continue reading Joint Venture Must Include Sharing of Profits and Losses
On October 20, 2021, the Second Department issued a decision in CitiMortgage, Inc. v. Nunez, 2021 NY Slip Op. 05689, denying a motion to vacate a default judgment because of, among other reasons, the defendant’s delay in making the motion . . . . Continue reading Motion to Vacate Default Judgment Denied Because of, Among Other Reasons, Defendant’s Delay in Bringing Motion
