On February 22, 2022, the First Department issued a decision in Arici v. Poma, 2022 NY Slip Op. 01114, holding that a promissory note constituted a novation that replaced the defendant’s prior obligation under a stock purchase agreement . . . Continue reading Novation Extinguished Contractual Obligation and Replace it With Obligation Under Promissory Note
On February 9, 2022, the Second Department issued a decision in Bank of Am., N.A. v. Ali, 2022 NY Slip Op. 00838, vacating a dismissal for failure to prosecute because of the lack of proper notice . . . Continue reading Dismissal for Failure to Prosecute Vacated for Failure to Give Proper Notice
On February 9, 2022, the Second Department issued a decision in Praxis Intl. Corp. v. Prime Alliance Group, Ltd., 2022 NY Slip Op. 00887, holding that a contribution claim survived even though a common law indemnification claim was dismissed . . . Continue reading Contribution Claim Survives Even Though Common Law Indemnification Claim Dismissed
On February 15, 2022, the First Department issued a decision in Rising Sun Constr. L.L.C. v. CabGram Dev. LLC, 2022 NY Slip Op. 00989, holding that a fraudulent inducement claim cannot be based on a party’s alleged intention not to perform a contract . . . Continue reading Fraudulent Inducement Claim Cannot be Based on Alleged Lack of Intention to Perform a Contract
On February 15, 2022, the First Department issued a decision in Apollo Mgt., Inc. v. Cernich, 2022 NY Slip Op. 00964, holding that the term “affiliate” can refer to individuals as wells as business entities . . . Continue reading “Affiliate” Can Refer to Individuals as Well as Business Entities
On February 8, 2022, the First Department issued a decision in E D & F Man Sugar Ltd. v. Gellert, 2022 NY Slip Op. 00813, staying a first-filed action to recover on a guaranty in favor of a later-filed action related to the guarantied obligation . . . Continue reading First-Filed Action to Recover on Guaranty Stayed in Favor of Later Action Related to the Guarantied Obligation
Before diving into this post, I’d recommend you click back to catch up on the Second Circuit’s vacatur and Plaintiffs’ filing of their Fourth Amended Complaint. In this installment, we will cover the opening and opposition briefing on the motion to dismiss; stay tuned for Part III for details on the reply and sur-reply briefing. Continue reading Benchmark Manipulation: SIBOR Update, Part II
On February 8, 2022, the First Department issued a decision in Board of Mgrs. of the Alfred Condominium v. Miller, 2022 NY Slip Op. 00808, holding that corporate directors and officers can be held liable for a tort committed by the corporation . . . Continue reading Corporate Officer or Director Can Be Liable for The Corporation’s Tort
On February 8, 2022, the First Department issued a decision in Arbor-Myrtle Beach PE LLC v. Frydman, 2022 NY Slip Op. 00806, holding that a motion for summary judgment in lieu of complaint on a guaranty was not barred by the existence of a larger transaction . . . Continue reading That Guaranty Was Part of a Larger Transaction Does Not Bar Motion for Summary Judgment in Lieu of Complaint
On February 7, 2022, Justice Reed of the New York County Commercial Division issued a decision in Bersin Props., LLC v. Nomura Credit & Capital, Inc., 2022 NY Slip Op. 50084(U), holding that the affirmative defense of impossibility cannot be based on mere financial hardship . . . Continue reading Affirmative Defense of Impossibility Cannot Be Based on Mere Financial Hardship
