On February 18, 2022, Justice Ostrager of the New York County Commercial Division issued a decision in Fisher v. Lovaro LLC, 2022 NY Slip Op. 30565(U), holding that a revolving credit agreement was not an instrument for the payment of money only for CPLR 3213 purposes . . . Continue reading Revolving Credit Agreement Not Instrument for the Payment of Money Only for CPLR 3213 Purposes
On March 9, 2022, the Second Department issued a decision in Star Auto Sales of Queens, LLC v. Filardo, 2022 NY Slip Op. 01476, holding that a conversion claim based on fraud is subject to the statute of limitations for fraud . . . Continue reading Fraud-Based Conversion Claim Subject to Limitations Period for Fraud
On March 9, 2022, the Second Department issued a decision in Rad & D’Aprile, Inc. v. Arnell Constr. Corp., 2022 NY Slip Op. 01472, holding that the failure timely to bring claims under a liquidating agreement is a breach of the duty of good faith and fair dealing . . . Continue reading Failure Timely to Bring Claims Under a Liquidating Agreement is a Breach of Duty of Good Faith and Fair Dealing
On March 17, 2022, the Court of Appeals issued a decision in U.S. Bank Natl. Assn. v. DLJ Mtge. Capital, Inc., 2022 NY Slip Op. 01866, holding that an RMBS trustee cannot rely on the relation back doctrine to avoid a pooling and servicing agreement’s pre-suit demand requirement. Continue reading RMBS Trustee Cannot Avoid Pre-Suit Put-Back Demand Requirement
On March 8, 2022, the First Department issued a decision in Valentino U.S.A., Inc. v. 693 Fifth Owner LLC, 2022 NY Slip Op. 01431, rejecting pandemic-based defenses to complying with a lease . . . Continue reading Court Rejects Pandemic-Based Defenses to Complying with Lease
On March 10, 2022, the First Department issued a decision in Wormwood Capital LLC v. Mulleady, 2022 NY Slip Op. 01526, holding that defendants had failed to meet the burden necessary to justify a forum non conveniens dismissal. Continue reading Defendants Fail to Meet Burden on Forum Non Conveniens Motion
Following up from last week, this post reviews how Schwab II arguments are already being raised by defendants in other actions we have covered in this space. Continue reading THE SECOND CIRCUIT’S SCHWAB II ANTITRUST STANDING DECISION IS ALREADY AFFECTING OTHER BENCHMARK CASES
On March 3, 2022, the First Department issued a decision in Bank of Am., N.A. v. ASD Gem Realty LLC, 2022 NY Slip Op. 01379, holding that an agent for an undisclosed principal was liable under a contract . . . Continue reading Agent for Undisclosed Principal Liable Under Contract
On March 2, 2022, the Second Department issued a decision in Ripa v. Petrosyants, 2022 NY Slip Op. 01336, holding that a written engagement letter is not required to create an attorney-client relationship . . . Continue reading Written Engagement Letter Not Required to Create Attorney-Client Relationship
On February 14, 2022, Justice Borrok of the New York County Commercial Division issued a decision in U.S. Bank N.A. v. 342 Prop. LLC, 2022 NY Slip Op. 30488(U), holding that in the absence of an intercreditor agreement, a mezzanine lender could not prevent a senior lender from foreclosing on a loan . . . Continue reading Mezzanine Lender Lacked Power to Block Senior Lender’s Foreclosure
